Optimum currency areas, structural changes and the endogeneity of the OCA criteria: evidence from six new EU member states
This article has two aims. The first aim is to assess the potential for an Optimum Currency Area (OCA) of six New Member States (NMS) of the EU (Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia) with the eurozone, by applying the theory of the Generalized Purchasing Power Parity (G-PPP). The second aim is to examine whether the introduction of the euro in 1999 and the policy decision of the six countries to join the eurozone, have created any forces fostering their convergence - evidence which would be in line with the theory on the endogeneity of the OCA criteria. Our findings indicate that G-PPP holds for the real exchange rates of the six NMS for the post euro period, and that the introduction of the euro and the choice of the six economies to participate in the EU did promote their integration.
Volume (Year): 21 (2011)
Issue (Month): 4 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/RAFE20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/RAFE20|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michael D. Bordo, 2008.
"Growing up to Financial Stability,"
85, Bank of Greece.
- Bordo, Michael D., 2008. "Growing up to Financial Stability," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2, pages 1-17.
- Dimitris Papageorgiou, 2009. "Macroeconomic Implications of Alternative Tax Regimes: The Case of Greece," Working Papers 97, Bank of Greece.
- Zarko Lazarevic, 2008. "Banking Performance in South-Eastern Europe During the Interwar Period," Working Papers 79, Bank of Greece.
- George Hondroyiannis, 2009.
"Fertility Determinants and Economic Uncertainty:An Assessment Using European Panel Data,"
96, Bank of Greece.
- George Hondroyiannis, 2010. "Fertility Determinants and Economic Uncertainty: An Assessment Using European Panel Data," Journal of Family and Economic Issues, Springer, vol. 31(1), pages 33-50, March.
- Apostolides, Alexander, 2008.
"“How Similar to South-Eastern Europe were the Islands of Cyprus and Malta in terms of Agricultural Output and Credit? Evidence during the Interwar Period”,"
9968, University Library of Munich, Germany.
- Alexander Apostolides, 2008. "How Similar to South-Eastern Europe were the Islands of Cyprus and Malta in terms of Agricultural Output and Credit? Evidence during the Interwar Period," Working Papers 80, Bank of Greece.
- Panayiotis P. Athanasoglou & Evangelia A. Georgiou & Christos C. Staikouras, 2008.
"Assessing Output and Productivity Growth in the Banking Industry,"
92, Bank of Greece.
- Athanasoglou, Panayiotis P. & Georgiou, Evangelia A. & Staikouras, Christos C., 2009. "Assessing output and productivity growth in the banking industry," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1317-1340, November.
- Athanasoglou, Panayiotis & Georgiou, Evangelia & Staikouras, Christos, 2008. "Assessing output and productivity growth in the banking industry," MPRA Paper 31996, University Library of Munich, Germany.
- George A. Zombanakis & Constantinos Stylianou & Andreas S. Andreou, 2009. "The Greek Current Account Deficit:Is it Sustainable after all?," Working Papers 98, Bank of Greece.
- Brissimis, Sophocles N. & Delis, Manthos D., 2011.
"Bank-level estimates of market power,"
European Journal of Operational Research,
Elsevier, vol. 212(3), pages 508-517, August.
- Nikolay Nenovsky & Martin Ivanov & Gergana Mihaylova, 2008. "The Evolution of Bulgarian Banks' Efficiency During the Twenties: A Dea Approach," Working Papers 82, Bank of Greece.
- Donato Masciandaro & Marc Quintyn, 2008. "Institutions Matter: Financial Supervision Architecture, Central Bank and Path Dependence. General Trends and the South Eastern European Countries," Working Papers 89, Bank of Greece.
- Tavlas, George & Dellas, Harris & Stockman, Alan C., 2008.
"The classification and performance of alternative exchange-rate systems,"
European Economic Review,
Elsevier, vol. 52(6), pages 941-963, August.
- George Tavlas & Harris Dellas & Alan Stockman, 2008. "The Classification and Perfomance of Alternative Exchange-Rate Systems," Working Papers 90, Bank of Greece.
- Alexandros E. Milionis & Evangelia Papanagiotou, 2008. "A Note on the Use of Moving Average Trading Rules to Test For Weak from Efficiency in Capital Markets," Working Papers 91, Bank of Greece.
- Sophia Lazaretou, 2008. "Banking and Central Banking in Pre-WWII Grecce: Money and Currency Developments," Working Papers 86, Bank of Greece.
When requesting a correction, please mention this item's handle: RePEc:taf:apfiec:v:21:y:2011:i:4:p:195-206. 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: (Michael McNulty)
If references are entirely missing, you can add them using this form.