Convergence Of Business Cycles In Europe
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Author | : Olivier de Bandt |
Publisher | : Springer Science & Business Media |
Total Pages | : 379 |
Release | : 2006-09-28 |
Genre | : Business & Economics |
ISBN | : 3540326111 |
Against the background of the introduction of the Euro in 1999, France, Germany and Italy have recently experienced higher divergence in terms of GDP growth. Based on a set of original papers produced by a team of economists from the three main National Central Banks of the Euro area this book analyses the latest developments in three important European economies in a broad perspective, using modern econometric techniques.
Author | : Stephanie Eble |
Publisher | : |
Total Pages | : 36 |
Release | : 1997 |
Genre | : |
ISBN | : |
Author | : Walter Thirring |
Publisher | : |
Total Pages | : |
Release | : 1988 |
Genre | : |
ISBN | : 9783540820895 |
Author | : Mr.Jeffrey R. Franks |
Publisher | : International Monetary Fund |
Total Pages | : 47 |
Release | : 2018-01-23 |
Genre | : Business & Economics |
ISBN | : 1484338499 |
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Author | : Mr.Jeffrey R. Franks |
Publisher | : International Monetary Fund |
Total Pages | : 47 |
Release | : 2018-01-23 |
Genre | : Business & Economics |
ISBN | : 1484338782 |
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Author | : Marcus Kappler |
Publisher | : Springer Science & Business Media |
Total Pages | : 197 |
Release | : 2012-07-30 |
Genre | : Business & Economics |
ISBN | : 3790828556 |
This book offers the reader a state-of-the-art overview on theory and empirics of business cycle synchronisation, structural reform and economic integration. Focusing on the ongoing integration process in the euro area and the EU, it analyses the integration process that has taken place since the 1980s and which is marked by the advent of the euro and the substantial enlargement that resulted from the accession of 12 new Member States in East and Southern Europe.
Author | : Alberto Alesina |
Publisher | : University of Chicago Press |
Total Pages | : 477 |
Release | : 2010-04-15 |
Genre | : Business & Economics |
ISBN | : 0226012859 |
It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
Author | : Theophilos Papadimitriou |
Publisher | : |
Total Pages | : 20 |
Release | : 2014 |
Genre | : |
ISBN | : |
This paper examines the co-movement patterns of European business cycles during the period 1986-2011, having as a focal point the year of the euro coin introduction, in 1999. We work within a Graph Theory context and apply a rolling window to study the evolution of the network that corresponds to the GDP growth cross-correlations of 22 European economies. The network is analyzed using the metrics of node degree and network density as well as the Minimum Dominating Set, providing us not only with a quantitative but also with a qualitative insight of the studied data set. Our main empirical results indicate that despite some distinct signs of divergence, the business cycles of the European countries display overall increased synchronization throughout the selected time sample.
Author | : Gertrude Tumpel-Gugerell |
Publisher | : Edward Elgar Publishing |
Total Pages | : 498 |
Release | : 2003-01-01 |
Genre | : Business & Economics |
ISBN | : 9781781951286 |
Recoge : 1. Introductory session. - 2. Past convergence within the European Union. - 3. Accesion countries : achievements in real convergence. - 4. Accesion countries : how to balance real and nominal convergence challenges for monetary and exchange rate policy. - 5. Does the financial sector contribute to real growth? - 6. Is there somebody left out in the cold? prospects of CEE countries other than current accesion countries. - 7. Policy challenges within the (enlarged) EU : how to foster economic convergence?
Author | : A. Watson |
Publisher | : Springer |
Total Pages | : 237 |
Release | : 2015-12-22 |
Genre | : Political Science |
ISBN | : 023037431X |
This book provides a thorough knowledge of the nature of the convergence criteria which states must meet in order to qualify for accession to the future Economic and Monetary Union of Europe and comprehensive coverage of both the economic and political rationale of the criteria within the framework of an international political economy approach. Thus, throughout the course of the analysis, three questions in particular are addressed: first, what is the relationship between the economics and politics of the convergence criteria; second, how do domestic and international factors impact upon their future realisation; and third what, overall, is the role of the state. This book gives valuable insights into the Economic and Monetary Union debate.