EconPapers    
Economics at your fingertips  
 

The European growth synchronization through crises and structural changes

Merih Uctum, Remzi Uctum () and Chu-Ping C Vijverberg
Additional contact information
Merih Uctum: Brooklyn College [CUNY, New York] - CUNY - City University of New York [New York], The Graduate Center - CUNY Graduate Center - CUNY - City University of New York [New York]
Chu-Ping C Vijverberg: CSI CUNY - College of Staten Island [CUNY] - CUNY - City University of New York [New York], The Graduate Center - CUNY Graduate Center - CUNY - City University of New York [New York]

Post-Print from HAL

Abstract: In light of several economic and financial crises and institutional changes experienced by the European countries, we examine whether these economies achieved synchronization of their business cycles and fostered synchronization of their growth rates. Controlling for reverse causality, we conduct multiple endogenous break tests and find (i) several endogenous break dates that correspond to idiosyncratic shocks affecting individual countries, major shocks in international arena but not the adoption of the euro, suggesting that the convergence process has been nonlinear for a number of countries and that studies imposing break dates exogenously, such as the launch of euro, may lead to biased conclusions; (ii) while output growth was increasingly synchronized for some countries, integration occurred in an asymmetric way and it didn't change or didn't occur for others despite being in the same common currency area (iii) convergence has been prevalent among the non-Eurozone economies in our sample.

Keywords: Convergence; growth synchronization; euro; crises; structural breaks (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-isf and nep-opm
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-03319011
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Published in Studies in Nonlinear Dynamics and Econometrics, MIT Press, 2021, 25 (1), pp.1-17. ⟨10.1515/snde-2018-0097⟩

Downloads: (external link)
https://hal.archives-ouvertes.fr/hal-03319011/document (application/pdf)

Related works:
Journal Article: The European growth synchronization through crises and structural changes (2021) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03319011

DOI: 10.1515/snde-2018-0097

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().

 
Page updated 2022-06-28
Handle: RePEc:hal:journl:hal-03319011