Mark, Nelson C.; Sonora, Robert; Cecchetti, Stephen - Oesterreichische Nationalbank - 1998
estimate the half life of convergence to be approximately 9 years. The following hypotheses are investigated as explanations … for the slow convergence: (i) Arbitrage impediments induced by transportation costs, and (ii) and the inclusion of … upper bound on convergence rates that participants in European Monetary Union may experience. …