Arestis, P and Phelps, P (2016) Endogeneity Analysis of Output Synchronization in the Current and Prospective EMU. Journal of Common Market Studies, 54 (3). pp. 525-543. ISSN 0021-9886
Abstract
The sustainability of European EMU (economic and monetary union) remains an important issue in light of existing plans for enlargement. This article conducts an endogeneity analysis of output synchronization, based on panel data estimation from 1994 to 2013, for different country-groups, including core, periphery, central and eastern European countries, northern European countries and the prospective candidate countries, which are expected to adopt the euro over the coming years. The quantification of trade-related and direct spillover channels associated with monetary integration provides insight into the relative importance of direct and indirect synchronization gains arising from EMU membership. The use of amplitude and concordance measures of synchronization and a range of estimators enhances robustness. Important endogeneity implications emerge from our analysis.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2015 The Author(s). This is the peer reviewed version of the following article: Arestis, P and Phelps, P (2016) Endogeneity Analysis of Output Synchronization in the Current and Prospective EMU. Journal of Common Market Studies, 54 (3). pp. 525-543, which has been published in final form at http://dx.doi.org/10.1111/jcms.12303. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | international; business cycle; synchronization; trade intensity; endogeneity |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 24 Nov 2015 14:27 |
Last Modified: | 17 Oct 2017 16:27 |
Published Version: | http://dx.doi.org/10.1111/jcms.12303 |
Status: | Published |
Publisher: | Wiley |
Identification Number: | 10.1111/jcms.12303 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:92186 |