VULNERABILITY TO SHOCKS IN EMU: 1991-2004

Oscar Bajo-Rubio () and Carmen Diaz-Roldan ()

No 05-08, Working Papers from Asociación Española de Economía y Finanzas Internacionales

Abstract: In this paper we analyze the nature of the shocks hitting the EMU member countries over the period 1991-2004, as well as for the two subperiods before and after 1999, i.e., the start of EMU. To this end, we first evaluate the relative importance of symmetric vs. asymmetric shocks, and then extract their temporary component. Our final aim would be assessing the vulnerability of the EMU countries to temporary and asymmetric shocks, which would be the most harmful case for the operation of a monetary union.

Keywords: Monetary union; EMU; asymmetric shocks; temporary shocks (search for similar items in EconPapers)
JEL-codes: E65 F33 F41 (search for similar items in EconPapers)
Date: 2005-09
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Related works:
Journal Article: Vulnerability to Shocks in EMU: 1991–2004 (in English) (2007)
Working Paper: Vulnerability to Shocks in EMU: 1991-2004
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Persistent link: http://EconPapers.repec.org/RePEc:aee:wpaper:0508

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