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The effects of US economic and financial crises on euro area convergence

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Author Info

  • Fabio C. Bagliano

    ()
    (Department of Economics and Public Finance "G. Prato", University of Torino)

  • Claudio Morana

    ()
    (Department of Economics and Quantitative Methods, University of Eastern Piedmont)

Abstract

As economic and financial integration between the US and the euro area is strong, assessing whether the recent US crisis may affect the process of real and nominal convergence within the euro area is important. The paper addresses this issue in the framework of a large-scale open economy macroeconometric model, featuring 14 euro area member countries, the USA, and 35 advanced and emerging economies. The results point to a likely contribution of US economic and financial crises to real divergence in the euro area, potentially affecting first, second and third moments of the output growth distribution; on the other hand, implications for nominal convergence are less clearcut.

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File URL: http://web.econ.unito.it/prato/papers/n15.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Former Department of Economics and Public Finance "G. Prato", University of Torino in its series Working papers with number 15.

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Length: 19 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:tur:wpaper:15

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Keywords: Euro area convergence; Great Recession; financial crisis; economic crisis; factor vector autoregressive models;

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  1. Jakob de Haan & Robert Inklaar & Richard Jong-A-Pin, 2008. "Will Business Cycles In The Euro Area Converge? A Critical Survey Of Empirical Research," Journal of Economic Surveys, Wiley Blackwell, vol. 22(2), pages 234-273, 04.
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Cited by:
  1. TRIANDAFIL, Cristina Maria, 2013. "Sustainability of convergence in the context of macro-prudential policies in the European Union," Working Papers of National Institute of Economic Research 130618, National Institute of Economic Research.

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