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Single Market Transmission Mechanisms Before, During and After the 2008-09 Crisis. A Quantitative Assessment

Author

Listed:
  • Harald Oberhofer
  • Christian Glocker

    (WIFO)

  • Werner Hölzl
  • Peter Huber
  • Serguei Kaniovski
  • Klaus Nowotny
  • Michael Pfaffermayr
  • Monique Ebell
  • Nikolaos Kontogiannis

    (National Institute of Economic and Social Research, London)

Abstract

This study analyses the main transmission mechanisms relevant for the absorption and propagation of asymmetries within the EU and EMU, putting a specific focus on Europe's real economy. In particular, the report aims to assess how the economic shock that triggered the financial and economic crisis has been transmitted and at least partially absorbed in the EU's real economy and the EMU member countries, from both a macro- and a microeconomic perspective. From a policy point of view, the results of the current study imply that, on account of the substantial heterogeneity among EU countries found in all parts of the study, "one size fit all" policies are likely to be very ineffective at increasing the resilience of the EU's single market.

Suggested Citation

  • Harald Oberhofer & Christian Glocker & Werner Hölzl & Peter Huber & Serguei Kaniovski & Klaus Nowotny & Michael Pfaffermayr & Monique Ebell & Nikolaos Kontogiannis, 2016. "Single Market Transmission Mechanisms Before, During and After the 2008-09 Crisis. A Quantitative Assessment," WIFO Studies, WIFO, number 59156, January.
  • Handle: RePEc:wfo:wstudy:59156
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    1. Kukuvec, Anja & Oberhofer, Harald, 2018. "The propagation of business sentiment within the European Union," Department of Economics Working Paper Series 257, WU Vienna University of Economics and Business.

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