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      Pilgrims to the Eurozone: how far, how fast?

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      Author
      Kocenda, E.
      Kutan, A. M.
      Yigit, T. M.
      Date
      2006
      Source Title
      Economic Systems
      Print ISSN
      0939-3625
      Electronic ISSN
      1878-5433
      Publisher
      Elsevier BV
      Volume
      30
      Issue
      4
      Pages
      311 - 327
      Language
      English
      Type
      Article
      Item Usage Stats
      113
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      Abstract
      In our analysis, we re-examine the nominal and real convergence of all recent 10 European Union (EU) members to EU standards. Testing for monetary convergence has significant implications for interim optimal exchange rate and monetary policies before a formal and permanent link to the euro, while real convergence is the ultimate objective of economic integration. Novel features of the paper include broader measures of real convergence in both euro as well as local currencies, an examination of inflation and interest rate convergence with respect to the Maastricht benchmarks, and employment of more appropriate tests of convergence allowing for structural breaks. The results indicate slow but steady per-capita real income convergence towards EU standards. On the other hand, evidence indicates significant strong inflation and interest rate convergence. Policy implications of the paper are also discussed. © 2006 Elsevier B.V. All rights reserved.
      Keywords
      Eurozone
      Integration
      Real and nominal convergence
      Transition
      European Union
      Permalink
      http://hdl.handle.net/11693/11577
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.ecosys.2006.07.003
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      • Department of Economics 649
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