Growing too fast? Shock asymmetries and the Euro Area enlargement

Abstract : This study gives an empirical assessment of the EMU enlargement. Following Bayoumi andEichengreen (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.
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Article dans une revue
Brussels Economic Review , Editions du DULBEA, 2008, 51 (1), pp.33-56
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Soumis le : vendredi 7 septembre 2012 - 15:59:58
Dernière modification le : mercredi 13 décembre 2017 - 12:20:02

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  • HAL Id : hal-00729865, version 1

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Marilyne Huchet-Bourdon, J.B. Pentecôte. Growing too fast? Shock asymmetries and the Euro Area enlargement. Brussels Economic Review , Editions du DULBEA, 2008, 51 (1), pp.33-56. 〈hal-00729865〉

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