Eickmeier, Sandra; Breitung, Joerg - Society for Computational Economics - SCE - 2006
the euro area is generally seen as a prerequisite for successful EMU enlargement. We establish stylized facts on economic … linkages between NMS and the euro area using dynamic correlation and cohesion measures. We then identify the main structural … common euro-area shocks and investigate their transmission to NMS by means of a large-scale factor model. We compare it to …