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Macroeconomic aspects of European integration : fiscal policy, trade integration and the European business cycle
Crespo Cuaresma, Jesús; Pfaffermayr, Michael; Amador, … - 2011
We analyze the role of fiscal policy and intra-European trade in business cycle synchronization in the EU for the … between trade integration and cyclical synchronization are subject to endogeneity problems. We instrument fiscal budget … trade integration are important determinants of cyclical synchronization. We can conclude that once a high degree of trade …
Persistent link: https://www.econbiz.de/10011392349
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The endogeneity of business cycle synchronisation in SADC : a GMM approach
Nzimande, Ntokozo Patrick; Ngalawa, Harold - In: Cogent economics & finance 5 (2017) 1, pp. 1-14
Studies often conclude that the proposed Southern African Development Community monetary union would be disastrous and not optimal for all member countries. This is because of the observed low, and sometimes negative business cycle correlation amongst member countries. However, it has been...
Persistent link: https://www.econbiz.de/10011882592
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The effect of asymmetries in fiscal policy conducts on business cycle correlation in the EU
Rozmahel, Petr; Grochová, Ladislava Issever; Litzman, Marek - 2014
The paper examines the effects of asymmetries in fiscal policy conduct upon the correlation of business cycles in the European Union. In particular the paper estimates the effects of fiscal indiscipline and dissimilarity on business cycle correlation in the period 1996-2012 using a panel of 27...
Persistent link: https://www.econbiz.de/10010429842
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A sustainable Euro area with exit options
Ritzen, Jozef M. M.; Haas, Jasmina - 2016
All explorations of the future of the Euro show serious risks for its survival in the present form. The road map of the Five EU Presidents presented in 2015 is far from sufficient to reduce the risks of the Euro zone falling apart by Brexit type developments or new economic shocks. The EU...
Persistent link: https://www.econbiz.de/10011582732
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Business cycle correlation between the Euro area and the Balkan countries
Gouveia, Sofia - In: International journal of economic sciences and applied … 7 (2014) 1, pp. 33-49
This paper examines the degree of trade integration and business cycle synchronisation between eight Balkan countries and the Euro area over the period 2000:1-2011:4. The main findings are that Slovenia and the Former Yugoslav Republic of Macedonia exhibit a high level of openness relative to...
Persistent link: https://www.econbiz.de/10010459812
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Has integration promoted business cycle synchronization in the enlarged EU?
Antonakakis, Nikolaos; Tondl, Gabriele - 2011
specializations and economic policy coordination, contributed to the synchronization of business cycles in the enlarged EU. We … synchronization, specifically between incumbent and new EU members. More coordinated fiscal policies and, particularly in EU 15, the … alignment of monetary policies promoted synchronization. Nevertheless, flexible exchange rates remained important adjustment …
Persistent link: https://www.econbiz.de/10011346443
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Completing the monetary union of Europe as mid-term solution of the Euro crisis
Fischer, Justina A. V.; Pastore, Francesco - 2015
This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
Persistent link: https://www.econbiz.de/10011308548
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How Similar Are European Business Cycles?
Bergman, U. Michael - 2004
In this paper, we focus on how European economic integration has affected the synchronization and the magnitude of … business cycles are highly synchronized, although we also find that synchronization was higher during periods with highly … flexible exchange rates. In addition we find a positive tradeoff between timing and magnitude such that more synchronization …
Persistent link: https://www.econbiz.de/10010320937
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Thoughts on a fiscal union in EMU
Gadatsch, Niklas; Hollmayr, Josef; Stähler, Nikolai - 2016
Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...
Persistent link: https://www.econbiz.de/10011546743
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Fiscal devaluation in a monetary union : conference paper
Engler, Philipp; Ganelli, Giovanni; Tervala, Juha; … - 2014
Between 1999 and the onset of the economic crisis in 2008 real exchange rates in Greece, Ireland, Italy, Portugal and Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence of current account imbalances. Given that exchange rate...
Persistent link: https://www.econbiz.de/10010487256