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Trade intensity and output synchronisation: On the endogeneity properties of EMU

Guglielmo Maria Caporale, Roberta de Santis () and Alessandro Girardi ()

Journal of Financial Stability, 2015, vol. 16, issue C, 154-163

Abstract: Using annual bilateral data over the period 1988–2011 for a panel of 26 industrialised and emerging economies, we analyse in a time-varying framework the determinants of output synchronisation in EMU (European Monetary Union) distinguishing between core and peripheral member states. The results support the specialisation paradigm rather than the endogeneity hypothesis. Evidence is found in the euro period of diverging patterns between the core and the peripheral EMU countries raising questions about the financial stability of EMU.

Keywords: Output synchronisation; Trade intensity; Endogeneity; European Monetary Union (EMU) (search for similar items in EconPapers)
JEL-codes: F10 F15 F17 F4 (search for similar items in EconPapers)
Date: 2015
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Related works:
Working Paper: Trade Intensity and Output Synchronisation: On the Endogeneity Properties of EMU (2013) Downloads
Working Paper: TRADE INTENSITY AND OUTPUT SYNCHRONISATION: ON THE ENDOGENEITY PROPERTIES OF EMU (2013) Downloads
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