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Core and Periphery in the European Monetary Union: Bayoumi and Eichengreen 25 Years Later

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  • Nauro F. Campos
  • Corrado Macchiarelli

Abstract

Bayoumi-Eichengreen (1993) establish a EMU core-periphery pattern using 1963-1988 data. We use same methodology, sample, window length (1989-2015), and a novel over-identifying restriction test to ask whether the EMU strengthened or weakened the core-periphery pattern. Our results suggest the latter.

Suggested Citation

  • Nauro F. Campos & Corrado Macchiarelli, 2016. "Core and Periphery in the European Monetary Union: Bayoumi and Eichengreen 25 Years Later," LEQS – LSE 'Europe in Question' Discussion Paper Series 116, European Institute, LSE.
    • Handle: RePEc:eiq:eileqs:116
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    File URL: http://www.lse.ac.uk/europeanInstitute/LEQS/LEQSPaper116.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    Business cycle synchronization; Structural VAR; European Monetary Union; Core-periphery;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F02 - International Economics - - General - - - International Economic Order and Integration

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