کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964341 930511 2008 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Is there a connection between monetary unification and real economic integration? Evidence from regime-switching stationarity tests
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Is there a connection between monetary unification and real economic integration? Evidence from regime-switching stationarity tests
چکیده انگلیسی

We investigate the extent of real convergence among G7 economies in terms of long-run real interest parity. A novel approach is applied where unit-root tests of real interest differentials are embedded within a Markov regime-switching framework. Whereas standard univariate unit-root tests provide little support for parity, we find real convergence is present after allowing for regime switches in real interest misalignments. However, differentials across members of the euro zone are likely to exhibit greater persistence despite nominal convergence. It is non-sequitur to infer from monetary unification that nominal convergence is necessarily conducive to real interest realignments or preventive of misalignments.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 27, Issue 6, October 2008, Pages 958–970
نویسندگان
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