Euro Area Product Market Integration
نویسندگان
چکیده
Abstract The goal of this paper is to determine if there product market integration in the euro area (EA). employs LM and RALS-LM unit root tests with two breaks on relative price series, constructed using seasonally adjusted monthly Harmonized Index Consumer Prices (HICP), from 1996:01 2017:05. analysis shows EA-accession related series for most EA11 countries, but, apart Malta, no such later-EA-joiners. However, are both EA non-EA countries at time formation. There also evidence greater less adverse effects after negative shocks EA12. points a conclusion that membership not sufficient condition necessarily being an member.
منابع مشابه
European product market integration after the euro
Using a detailed data set of prices of consumer goods in European cities from 1990 to Spring 2003, we investigate the question of whether the introduction of the euro in January 1999 increased integration of consumer markets as reflected by consumer prices. In fact, we find no tendency for prices to converge after January 1999. This finding holds even when we control for a number of factors tha...
متن کاملThe Euro and European Financial Market Integration
We use a time-varying copula model to investigate the impact of the introduction of the Euro on the dependence between seventeen European stock markets during the period 1994-2003. The model is implemented with a GJR-GARCH-t model for marginal distributions and the Gaussian copula for the joint distribution, which allows capturing time-varying, non-linear relationships. The results show that wi...
متن کاملECB Labour market mismatches in euro area countries, March 2002
Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. 3 E C B • L a b o u r m a r k e t m i s m a t c h e s i n e u r o a r e a c o u n t r i e s • M a r c h 2 0 0 2
متن کاملThe European Union, the Euro, and Equity Market Integration
At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to equity market integration in Europe. We use a simple and essentially model free measure of bilateral market segmentation: two countries are segmented if there is a wide divergence in the valuations of their industries. We first establish that segmentation is significantly lowe...
متن کاملThe Euro Area Financial System : Structure , Integration and Policy Initiatives
Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro area financial structure evolved si...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: South east European journal of economics and business
سال: 2022
ISSN: ['2303-887X', '2233-1999']
DOI: https://doi.org/10.2478/jeb-2022-0020