Growing too fast? Shock asymmetries and the Euro Area enlargement

Résumé : This study gives an empirical assessment of the EMU enlargement. Following Bayoumi and Eichengreen (1993), asymmetries are measured by correlations among the structural shocks from a VAR. We address two questions: what is the impact of new adhesions on the stability of the enlarged union? Is the measurement of asymmetries robust to identification of shocks? Using monthly data over 1995-2007, Slovenia and Greece stay at the periphery of the EMU like Estonia and Lithuania, despite their adhesion. While currency unions’ endogeneity is supported by the greater symmetry between responses to shocks, using long-run restrictions puts the overall assessment into question.
Type de document :
Article dans une revue
Brussels Economic Review , Editions du DULBEA, 2008, 51 (1), pp.33-56
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Soumis le : mercredi 8 février 2017 - 20:02:50
Dernière modification le : mardi 19 février 2019 - 17:09:32

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  • HAL Id : hal-01462354, version 1
  • PRODINRA : 26830

Citation

Marilyne Huchet, Jean-Sébastien Pentecôte. Growing too fast? Shock asymmetries and the Euro Area enlargement. Brussels Economic Review , Editions du DULBEA, 2008, 51 (1), pp.33-56. 〈hal-01462354〉

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