Growing too fast? Shock asymmetries and the Euro area enlargement

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Auteurs
Date

2008

Discipline
Type de document
Périmètre
Langue
Identifiants
Source

HAL-SHS : économie et finance

Collection

Archives ouvertes

Organisation

Centre pour la communication scientifique directe

Licence

info:eu-repo/semantics/OpenAccess

Mots-clés En

Euro area enlargement optimal currency area shock asymmetry VAR identification

Sujets proches En

Euro area Euro zone

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Marilyne Huchet et al., « Growing too fast? Shock asymmetries and the Euro area enlargement », HAL-SHS : économie et finance, ID : 10670/1.w01ti6

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Résumé En

This study gives an empirical assessment of the Euro area 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 the identification of shocks? Using monthly data over 1995-2005, Slovenia and Greece stay at the periphery of the Euro area like Estonia and Lithuania, despite their adhesion to the EMU. While currency unions' endogeneity is supported by the greater symmetry between responses to the shocks, using long-run restrictions put the overall assessment into question.

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