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Vulnerability to Shocks in EMU: 1991-2004

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  • Carmen Díaz-Roldán
  • Oscar Bajo-Rubio

Abstract

In this paper we analyze the nature of the shocks hitting the EMU member countries over the period 1991-2004, as well as for the two subperiods before and after 1999, i.e., the start of EMU. To this end, we first evaluate the relative importance of symmetric vs. asymmetric shocks, and then extract their temporary component. Our final aim would be assessing the vulnerability of the EMU countries to temporary and asymmetric shocks, which would be the most harmful case for the operation of a monetary union.

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Paper provided by FEDEA in its series Working Papers on International Economics and Finance with number 05-08.

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Handle: RePEc:fda:fdadef:05-08
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Find related papers by JEL classification:
  • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
  • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
  • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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  1. Oscar Bajo-Rubio & Carmen Díaz-Roldán, . "Insurance mechanisms against asymmetric shocks in a monetary union: An application to the European Monetary Union," Studies on the Spanish Economy 62, FEDEA.
  2. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
  3. Oscar Bajo-Rubio & Carmen Díaz-Roldán, 2003. "Insurance Mechanisms against Asymmetric Shocks in a Monetary Union a Proposal with an Application to EMU," Recherches économiques de Louvain, De Boeck Université, vol. 69(1), pages 73-96.
  4. Helg, Rodolfo & Manasse, Paolo & Monacelli, Tommaso & Rovelli, Riccardo, 1995. "How much (a)symmetry in Europe? Evidence from industrial sectors," European Economic Review, Elsevier, vol. 39(5), pages 1017-1041, May.
  5. Engel, Charles M & Rose, Andrew K, 2001. "Currency Unions and International Integration," CEPR Discussion Papers 2659, C.E.P.R. Discussion Papers.
  6. Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2003. "Optimal Currency Areas," NBER Chapters, in: NBER Macroeconomics Annual 2002, Volume 17, pages 301-356 National Bureau of Economic Research, Inc.
  7. BARRIOS, Salvador & DE LUCIO, Juan José, . "Economic integration and regional business cycles: evidence from the Iberian regions," CORE Discussion Papers RP 1655, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Artis, Michael J & Krolzig, Hans-Martin & Toro, Juan, 1999. "The European Business Cycle," CEPR Discussion Papers 2242, C.E.P.R. Discussion Papers.
  9. Forni, Mario & Reichlin, Lucrezia, 2001. "Federal policies and local economies: Europe and the US," European Economic Review, Elsevier, vol. 45(1), pages 109-134, January.
  10. Eswar S Prasad & Tamim Bayoumi, 1996. "Currency Unions, Economic Fluctuations, and Adjustment; Some New Empirical Evidence," IMF Working Papers 96/81, International Monetary Fund.
  11. Barro, Robert & Alesina, Alberto, 2002. "Currency Unions," Scholarly Articles 4551795, Harvard University Department of Economics.
  12. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
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Cited by:

  1. Paul Cashin & Antonio Lemus, 2012. "The Eastern Caribbean Currency Union; Would a Fiscal Insurance Mechanism Mitigate National Income Shocks?," IMF Working Papers 12/17, International Monetary Fund.

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