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Linkages between the euro zone and the south-eastern European countries: a global VAR analysis

  • Minoas Koukouritakis

    (University of Crete)

  • Athanasios P. Papadopoulos

    ()

    (University of Crete)

  • Andreas Yannopoulos

    (University of Crete)

In the present paper we assess the impact of the Eurozone’s economic policies on specific South-Eastern European countries, namely Bulgaria, Croatia, Cyprus, Greece, Romania, Slovenia and Turkey. Since these countries are connected to the EU or the Eurozone and economic interdependence among them is continuously evolving, we implemented a Global VAR model. Our results indicate that all sample countries, except Turkey, react in a similar manner to changes (a) in the macroeconomic policies of the Eurozone, and (b) in the nominal exchange rate of the euro against the US dollar. There is evidence of linkages among the EU or Eurozone members of the region, and between each of them and the Eurozone.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/Paper2013163.pdf
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Paper provided by Bank of Greece in its series Working Papers with number 163.

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Length: 42
Date of creation: Oct 2013
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Handle: RePEc:bog:wpaper:163
Contact details of provider: Web page: http://www.bankofgreece.gr

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