کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5056062 | 1371512 | 2008 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Monetary policy convergence of potential EMU accession countries: A cointegration analysis with shifting regimes
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper investigates monetary policy convergence between the reference country (Germany) and the new Central and Eastern European EU member countries as well as Malta and Cyprus during the process of joining the European Monetary Union (EMU) and the four candidate countries, Bulgaria, Romania, Croatia and Turkey. Monetary policy convergence is examined through testing the uncovered interest parity (UIP) hypothesis. The long-run relationship between interest rates, a necessary condition for testing the UIP hypothesis, is examined using a cointegration test that considers the presence of structural breaks. The empirical findings of this paper provide significant evidence to support that German interest rates and interest rates in six sample countries, Croatia, Estonia, Hungary, Romania, Slovak Republic, and Turkey are stochastically converging. The UIP hypothesis, however, is not rejected only for Estonia, Croatia, and Turkey.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 25, Issue 2, March 2008, Pages 340-350
Journal: Economic Modelling - Volume 25, Issue 2, March 2008, Pages 340-350
نویسندگان
Adnan Kasman, Saadet Kirbas-Kasman, Evrim Turgutlu,