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Fear of a two-speed monetary union: what does a basic correlation scatter plot tell us?

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  • معلومة اضافية
    • Contributors:
      Centre de recherche en économie et management (CREM); Université de Caen Normandie (UNICAEN); Normandie Université (NU)-Normandie Université (NU)-Université de Rennes (UR)-Centre National de la Recherche Scientifique (CNRS)
    • بيانات النشر:
      HAL CCSD
    • الموضوع:
      2013
    • Collection:
      Normandie Université: HAL
    • نبذة مختصرة :
      I extend the Bayoumi-Eichengreen (1993) approach by extracting new information from a scatter plot of correlation coefficients between shocks in order to better visualize how far a given country is from a monetary union. Indexes of distance and relative strength can be derived from either a nonlinear or a linear combination of correlations in connexion with distinct welfare loss functions. Using quarterly data on ten countries over 1979:I-2011:IV, shocks have become more symmetric within, but also outside, the euro area. Despite less asymmetry in shock asymmetry since 1999, new statistical tests support the idea of a two-speed EMU.
    • Relation:
      halshs-00916947; https://shs.hal.science/halshs-00916947; https://shs.hal.science/halshs-00916947/document; https://shs.hal.science/halshs-00916947/file/JSP_CREMWP201218.pdf
    • الدخول الالكتروني :
      https://shs.hal.science/halshs-00916947
      https://shs.hal.science/halshs-00916947/document
      https://shs.hal.science/halshs-00916947/file/JSP_CREMWP201218.pdf
    • Rights:
      info:eu-repo/semantics/OpenAccess
    • الرقم المعرف:
      edsbas.35FC69D6