Campos, Nauro F. and Macchiarelli, Corrado (2021) The dynamics of core and periphery in the European monetary union: a new approach. Journal of International Money and Finance, 112. ISSN 0261-5606
Text (1-s2.0-S0261560620302813-main)
- Published Version
Available under License Creative Commons Attribution. Download (1MB) |
Abstract
Despite numerous studies about core-periphery in monetary unions, few focus on their dynamics. This paper (i) presents new theory-based, continuous and dynamic measures of the probability of a country being classified as core or periphery; (ii) estimates the determinants of the changes in this probability over time and across countries; and (iii) uses the Phillips-Sul convergence panel framework to investigate the behaviour of core and periphery groups over time. Our main results indicate that the post-EMU decrease of the core-periphery gap that we document was mainly driven by the adoption of the euro and by increasing competition (lower mark-ups).
Item Type: | Article |
---|---|
Official URL: | https://www.sciencedirect.com/journal/journal-of-i... |
Additional Information: | © 2020 The Authors |
Divisions: | European Institute |
Subjects: | H Social Sciences > HG Finance H Social Sciences > HB Economic Theory J Political Science > JN Political institutions (Europe) |
JEL classification: | C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C50 - General E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E30 - General N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N10 - General, International, or Comparative F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F40 - General |
Date Deposited: | 13 Jan 2022 12:57 |
Last Modified: | 05 Oct 2024 03:24 |
URI: | http://eprints.lse.ac.uk/id/eprint/113423 |
Actions (login required)
View Item |