Trade Intensity and Output Synchronisation: On the Endogeneity Properties of EMU

Caporale, Guglielmo Maria; De Santis, Roberta; Girardi, Alessandro

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Titel:

Trade Intensity and Output Synchronisation: On the Endogeneity Properties of EMU

Autor:innen:

Caporale, Guglielmo Maria
De Santis, Roberta
Girardi, Alessandro

Erscheinungsjahr:

2013

Schriftenreihe/Nr.:

CESifo Working Paper No. 4172

Verlag:

Center for Economic Studies and ifo Institute (CESifo), Munich

Zusammenfassung:

Using annual bilateral data over the period 1988-2011 for a panel of 24 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results support the specialisation paradigm rather than the endogeneity hypothesis. Evidence is found in the euro period of diverging patterns between the core and the peripheral EMU countries raising questions about the future stability of EMU.

Schlagwörter:

output synchronisation
trade intensity
endogeneity
European Monetary Union (EMU)

JEL:

F10
F15
F17
F40

Dokumentart:

Working Paper

Erscheint in der Sammlung:

CESifo Working Papers, CESifo GmbH

Datei(en):

Datei

Beschreibung

Größe