Search results for " European Monetary Union"
showing 3 items of 3 documents
Franco Modigliani e l’Unione Monetaria Europea
2020
This essay examines Franco Modigliani's contribution to the debate on European monetary integration, from the seventies to the early 2000s as emerging from his articles published mainly on the newspapers of the time and on professional journals. From the debate around the European monetary system to the creation of the single currency, Modigliani generally stood for the integration process and sought to encourage Italian politicians to engage in macroeconomic stabilization processes and to take an active part in the formulation and management of European agreements. At the same time, Modigliani criticized the overly rigid approaches supported by other European countries, in particular Germa…
Euro Area Structural Convergence? A Multi-Criterion Cluster Analysis
2015
Abstract This paper proposes a classification of the old member countries of the euro area in a structural data rich environment and run a convergence analysis using the same framework. First, we use a clustering approach and identify two structurally distinct clusters of countries that are not modified between 1999 and 2012: the South Countries Group (SCG) – composed of Greece, Italy, Portugal and Spain – and the Other Countries Group (OCG). Second, we propose a convergence metrics and reach three key findings: (i) increase over time of the between-clusters׳ dispersion; (ii) diverging demographics and innovation performance into the OCG, and (iii) an unfortunate convergence towards high la…
A panel cointegration approach to the estimation of the peseta real exchange rate
2001
Abstract In this paper we estimate different specifications of a model for the determination of the bilateral real exchange rate of the peseta relative to nine European Union members. The model is based on Meese and Rogoff (The Journal of Finance 43 (1988) 933) monetary approach as extended by MacDonald (Journal of International Financial Markets, Institutions and Money 8 (1998) 117). The applied econometric techniques are the recent panel cointegration tests developed by Kao (Journal of Econometrics 90 (1999) 1), McCoskey and Kao (A Monte Carlo comparison of tests for cointegration in panel data. Journal of Propagations in Probability and Statistics 1 (2001) 165) and Pedroni (Oxford Bullet…