Les analyses empiriques consacrées aux asymétries de chocs entre pays d’une union monétaire sont l’objet d’un bilan à l’occasion de l’entrée de la Slovénie dans la zone euro et de l’élargissement de l’Union européenne. Les résultats contrastés peuvent être expliqués...

This paper surveys the empirical studies about shock asymmetries in the context of the European Union enlargement, and the new membership of Slovenia to the Euro area. Overall the evidence appears rather mixed due to different approaches on three levels : the choice of the sample, the selected...

I extend the Bayoumi-Eichengreen (1993) approach by extracting new information from a scatter plot of correlation coefficients between shocks in order to better visualize how far a given country is from a monetary union. Indexes of distance and relative strength can be derived from either a...

This paper questions the impact of trade integration on business cycle synchronization in the EMU by distinguishing increase of existing trade flows (the intensive margin) and creation of new trade flows (the extensive margin). Using a DSGE model, we find that synchronization is weakened when...

This paper extends Bayoumi and Eichengreen's (1993) approach to better visualize how far a given country is from a monetary union. Useful information is extracted from the scatter plot of correlation coefficients between supply and demand shocks. Indexes of distance and relative strength of...

Bayoumi and Eichengreen’s (BE, 1994) article has been very influent in the empirics of the core-periphery view of fixed exchange rate agreements. They rely on the basic AS-AD macroeconomic model in order to identify supply and demand shocks through long-run restrictions in vector...

This paper questions the impact of trade integration on business cycle sychronization in the EMU by distinguishing increase of existing trade flows (the intensive margin) and creation of new trade flows (the extensive margin). Using a DSGE model, we find that synchronization is weakened when new...

A growing literature has emerged to assess the importance and the channels of contagion during the recent currency crises which occured in the 1990s. However, little attention has been paid to the policy implications of the way to coordinate interventions in order to defend not only a single,...

Since January 2008, the Euro Area has enlarged for the third time to Cyprus and Malta. As Slovakia is now planned to join in 2009, these waves of new entries revive the debate around greater asymmetries which may threaten the stability of the whole monetary union. This paper extends Bayoumi and...

I extend the Bayoumi-Eichengreen (1993) approach by extracting new information from a scatter plot of correlation coefficients between shocks in order to better visualize how far a given country is from a monetary union. Indexes of distance and relative strength can be derived from either a...