IDEAS home Printed from https://ideas.repec.org/a/eee/ecolet/v147y2016icp127-130.html
   My bibliography  Save this article

Core and Periphery in the European Monetary Union: Bayoumi and Eichengreen 25 years later

Author

Listed:
  • Campos, Nauro F.
  • Macchiarelli, Corrado

Abstract

Bayoumi and Eichengreen (1993) establish a EMU core–periphery pattern using 1963–1988 data. We use same methodology, sample, window length (1989–2015), and a novel over-identifying restriction test to ask whether the EMU strengthened or weakened the core–periphery pattern. Our results suggest the latter.

Suggested Citation

  • Campos, Nauro F. & Macchiarelli, Corrado, 2016. "Core and Periphery in the European Monetary Union: Bayoumi and Eichengreen 25 years later," Economics Letters, Elsevier, vol. 147(C), pages 127-130.
  • Handle: RePEc:eee:ecolet:v:147:y:2016:i:c:p:127-130
    DOI: 10.1016/j.econlet.2016.07.040
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0165176516302932
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-1025, July.
    2. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-673, September.
    3. Alberto Alesina & Robert J. Barro, 2002. "Currency Unions," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 409-436.
    4. Hamilton, James D., 2003. "What is an oil shock?," Journal of Econometrics, Elsevier, vol. 113(2), pages 363-398, April.
    5. Ramey, V.A., 2016. "Macroeconomic Shocks and Their Propagation," Handbook of Macroeconomics, Elsevier.
    6. Robert Barro & Silvana Tenreyro, 2007. "Economic Effects Of Currency Unions," Economic Inquiry, Western Economic Association International, vol. 45(1), pages 1-23, January.
    7. Glick, Reuven & Rose, Andrew K., 2016. "Currency unions and trade: A post-EMU reassessment," European Economic Review, Elsevier, vol. 87(C), pages 78-91.
    8. Pasquale Foresti & Oreste Napolitano, 2016. "On the Stock Markets’ Reactions to Taxation and Public Expenditure," LEQS – LSE 'Europe in Question' Discussion Paper Series 115, European Institute, LSE.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mark Mink & Jan Jacobs & Jakob de Haan, 2016. "Euro Area Imbalances," CESifo Working Paper Series 6291, CESifo Group Munich.
    2. Bayoumi, Tamim & Eichengreen, Barry, 2017. "Aftershocks of Monetary Unification: Hysteresis with a Financial Twist," CEPR Discussion Papers 11850, C.E.P.R. Discussion Papers.
    3. repec:pal:compes:v:59:y:2017:i:2:d:10.1057_s41294-017-0023-7 is not listed on IDEAS
    4. Jamel Saadaoui, 2017. "Internal Devaluations And Equilibrium Exchange Rates: New Evidences And Perspectives For The Emu," CEPN Working Papers halshs-01633389, HAL.
    5. Ahlborn, Markus & Wortmann, Marcus, 2017. "Output gap similarities in Europe: Detecting country groups," Center for European, Governance and Economic Development Research Discussion Papers 305, University of Goettingen, Department of Economics.
    6. Tatiana Cesaroni & Roberta Desantis, 2017. "Dynamics of net foreign asset components in the EMU," Working Papers LuissLab 17133, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    7. Ansgar Belke & Clemens Domnick & Daniel Gros, 2017. "Business Cycle Synchronization in the EMU: Core vs. Periphery," Open Economies Review, Springer, vol. 28(5), pages 863-892, November.
    8. Marcin Bielecki & Michał Brzoza-Brzezina & Marcin Kolasa & Krzysztof Makarski, 2017. "Could the boom-bust in the eurozone periphery have been prevented?," GRAPE Working Papers 17, GRAPE Group for Research in Applied Economics.
    9. repec:kap:openec:v:28:y:2017:i:5:d:10.1007_s11079-017-9463-y is not listed on IDEAS
    10. Robert Anderton & Arno Hantzsche & Simon Savsek & Máté Tóth, 2017. "Sectoral Wage Rigidities and Labour and Product Market Institutions in the Euro Area," Open Economies Review, Springer, vol. 28(5), pages 923-965, November.
    11. repec:cnb:ocpubv:as17 is not listed on IDEAS
    12. Campos, Nauro F. & Jarko, Fidrmuc & Iikka, Korhonen, 2017. "Business cycle synchronisation in a currency union : Taking stock of the evidence," Research Discussion Papers 28/2017, Bank of Finland.
    13. Nauro F Campos & Fabrizio Coricelli, 2017. "EU Membership, Mrs Thatcher’s Reforms and Britain’s Economic Decline," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 59(2), pages 169-193, June.
    14. repec:eee:jmacro:v:55:y:2018:i:c:p:12-27 is not listed on IDEAS

    More about this item

    Keywords

    Business cycle synchronization; Structural VAR; European Monetary Union; Core–periphery;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F02 - International Economics - - General - - - International Economic Order and Integration

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecolet:v:147:y:2016:i:c:p:127-130. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu). General contact details of provider: http://www.elsevier.com/locate/ecolet .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.