The European growth synchronization through crises and structural changes
| Autor: | Remzi Uctum, Chu-Ping C. Vijverberg, Merih Uctum |
|---|---|
| Přispěvatelé: | Brooklyn College [CUNY, New York], City University of New York [New York] (CUNY), CUNY Graduate Center (The Graduate Center), EconomiX, Université Paris Nanterre (UPN)-Centre National de la Recherche Scientifique (CNRS), Université Paris Nanterre - UFR Sciences économiques, gestion, mathématiques, informatique (UPN SEGMI), Université Paris Nanterre (UPN), College of Staten Island [CUNY] (CSI CUNY) |
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Economics and Econometrics
growth synchronization education Sample (statistics) JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices Business Fluctuations and Cycles Monetary economics 0502 economics and business Synchronization (computer science) Economics Business cycle 050207 economics health care economics and organizations Reverse causality 050208 finance [QFIN]Quantitative Finance [q-fin] 05 social sciences 1. No poverty Convergence (economics) [SHS.ECO]Humanities and Social Sciences/Economics and Finance JEL: F - International Economics/F.F4 - Macroeconomic Aspects of International Trade and Finance JEL: F - International Economics/F.F6 - Economic Impacts of Globalization crises [No keyword available] euro Convergence structural breaks Social Sciences (miscellaneous) Analysis Common currency |
| Zdroj: | Studies in Nonlinear Dynamics and Econometrics Studies in Nonlinear Dynamics and Econometrics, 2021, 25 (1), pp.1-17. ⟨10.1515/snde-2018-0097⟩ Studies in Nonlinear Dynamics and Econometrics, MIT Press, 2021, 25 Studies in Nonlinear Dynamics and Econometrics, MIT Press, 2021, 25 (1), pp.1-17. ⟨10.1515/snde-2018-0097⟩ |
| ISSN: | 1081-1826 |
| Popis: | In light of several economic and financial crises and institutional changes experienced by the European countries, we examine whether these economies achieved synchronization of their business cycles and fostered synchronization of their growth rates. Controlling for reverse causality, we conduct multiple endogenous break tests and find that (i) several endogenous break dates correspond to idiosyncratic shocks affecting individual countries or major shocks in international arena but not the adoption of the euro; this result suggests that the convergence process has been nonlinear for a number of countries and that studies imposing break dates exogenously, such as the launch of euro, may lead to biased conclusions; (ii) while output growth was increasingly synchronized for some countries, integration occurred in an asymmetric way and it did not change or did not occur for others despite being in the same common currency area (iii) convergence has been prevalent among the non-Eurozone economies in our sample. |
| Databáze: | OpenAIRE |
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