Zinskonvergenz in den Euro-Kandidatenländern: Eine dynamische Analyse
The study advocates a dynamic approach to monetary convergence to a common currency that is based on the analysis of financial system stability. Accordingly, the study tests empirically volatility dynamics of the ten-year sovereign bond yields of the 2004 EU accession countries in relation to the euro zone yields during the January 2, 2001 to January 22, 2009 sample period. Results show a varied degree of bond yield co-movements, the most pronounced for the Czech Republic, Slovenia and Poland, and weaker for Hungary and Slovakia. However, since the EU accession, the study finds some divergence of relative bond yields. One can argue that a ‘static’ specification of the Maastricht criterion for long-term bond yields is not fully conducive for advancing stability of financial systems in the euro-candidate countries.
Volume (Year): 15 (2009)
Issue (Month): 5 ()
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