Journal ArticleDOI
EMU: Countries or regions? Lessons from the EMS experience
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In this paper, regional and national fluctuations within the European Union and how the process of integration and the creation of the EMS has affected these patterns are analyzed. And the results indicate that national borders have seen their economic significance reduced over time as the process has increased cross-border correlations and reduced within-border comovements.About:
This article is published in European Economic Review.The article was published on 1997-04-01. It has received 297 citations till now. The article focuses on the topics: European union & Business cycle.read more
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'New' Views on the Optimum Currency Area Theory: What is EMU Telling Us?
TL;DR: In this paper, a survey of the optimum currency area (OCA) literature is presented, which is organized into four phases: the "pioneering phase" which put forward the OCA theory and its properties, the "reconciliation phase" when its diverse facets were combined, the ''reassessment phase'' that led to the ''new OCA'' theory, and the ''empirical phase'' during which the theory was subject to due empirical scrutiny.
Journal ArticleDOI
The Endogeneity of the Optimum Currency Area Criteria, Intra-industry Trade, and EMU Enlargement
TL;DR: In this paper, the authors apply the OCA endogeneity hypothesis to ten transition economies (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia) to predict the degree of business cycle harmonization of CEECs with EU countries in the medium term.
Journal ArticleDOI
Borders and business cycles
Todd E. Clark,Eric van Wincoop +1 more
TL;DR: The authors found that the lower level of trade between European countries explains most of the observed border effect, and that within-country correlations are substantially larger than cross-country correlation, and these results continue to hold after controlling for exogenous factors such as distance and size.
Journal ArticleDOI
Will business cycles in the euro area converge? a critical survey of empirical research
TL;DR: In this article, a survey of business cycle synchronization in the European monetary union focuses on two issues: have business cycles become more similar, and which factors drive business cycle synchronisation.
Journal ArticleDOI
Trade intensity and business cycle synchronization: Are developing countries any different?
TL;DR: This paper found that countries with higher bilateral trade exhibit higher business cycle synchronization, with an increase of one standard deviation in bilateral trade intensity raising the output correlation from 0.05 to 0.09 for all country pairs, while countries with more asymmetric structures of production exhibit a smaller business cycle correlation.
References
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Journal ArticleDOI
Regional labor market dynamics in Europe
Jörg Decressin,Antonio Fatás +1 more
TL;DR: In this paper, the authors investigated regional labor market dynamics in Europe and compared the results to those obtained for the US and found that a larger proportion of movements in employment growth is common to all US states than to all EEC regions.
Book ChapterDOI
Adjustment and growth in the European Monetary Union: Lessons of Massachusetts for EMU
TL;DR: In particular, over the past decade several regional economies within the United States have been subject to large adverse shocks, for which they have had essentially no policy recourse simply because the US already has the common currency that EMU is supposed to produce for Europe as mentioned in this paper.
Journal ArticleDOI
International Business Cycles and the ERM: Is There a European Business Cycle?
Michael J. Artis,Wenda Zhang +1 more
TL;DR: In this article, a combination of quantitative and qualitative models was used to predict business failure with an appreciable degree of accuracy and/or precision, and the results showed that the Logit model provided the highest overall accuracy rate with the lowest Akaike Information Criteria (AIC): 49.484.
Book ChapterDOI
Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States
TL;DR: In this paper, the authors estimate to what extent the federal government of the United States insures member states against regional income shocks and find that a one dollar reduction in a region's per capita personal income triggers a decrease in federal taxes of about 34 cents and an increase in federal transfers of about 6 cents.
Book
Adjustment and Growth in the European Monetary Union
TL;DR: In this article, Torres and Giavazzi discuss the Maastricht Treaty revisions and the design of optimal fiscal rules for Europe after 1992 and discuss the role of contracts, credibility and common knowledge in inflation convergence.