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Economic Crisis and Convergence in the Eurozone Countries

Jesus Ferreiro (), Catalina Gálvez (), Carmen Gómez () and Ana González ()
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Catalina Gálvez: University of the Basque Country UPV/EHU, Department of Applied Economics V, Spain
Carmen Gómez: University of the Basque Country UPV/EHU, Department of Applied Economics V, Spain
Ana González: University of the Basque Country UPV/EHU, Department of Applied Economics V, Spain

Panoeconomicus, 2017, vol. 64, issue 2, 223-244

Abstract: Although a key condition for the creation of a monetary union is the existence of similar structural characteristics that reduce the existence and incidence of asymmetric shocks, in the case of the Eurozone, most, if not all, studies have emphasized the existence of sizeable divergences both in the macroeconomic performances and in the structural elements of the Eurozone countries. The objective of the paper is to analyse whether the economic and financial crisis that is affecting the Eurozone since the year 2008 has had any impact of the coherence of the Eurozone, that is, whether after 2008 the differencesin the macroeconomic performance of the euro counties are declining (convergence) or increasing (divergence).

Keywords: Economic crisis; Eurozone; Convergence; Sigma-convergence (search for similar items in EconPapers)
JEL-codes: F15 F45 O52 (search for similar items in EconPapers)
Date: 2017
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