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dc.contributor.authorKocenda, E.en_US
dc.contributor.authorKutan, A. M.en_US
dc.contributor.authorYigit, T. M.en_US
dc.date.accessioned2015-07-28T11:58:06Z
dc.date.available2015-07-28T11:58:06Z
dc.date.issued2006en_US
dc.identifier.issn0939-3625
dc.identifier.urihttp://hdl.handle.net/11693/11577
dc.description.abstractIn 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.en_US
dc.language.isoEnglishen_US
dc.source.titleEconomic Systemsen_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.ecosys.2006.07.003en_US
dc.subjectEurozoneen_US
dc.subjectIntegrationen_US
dc.subjectReal and nominal convergenceen_US
dc.subjectTransitionen_US
dc.subjectEuropean Unionen_US
dc.titlePilgrims to the Eurozone: how far, how fast?en_US
dc.typeArticleen_US
dc.departmentDepartment of Economicsen_US
dc.citation.spage311en_US
dc.citation.epage327en_US
dc.citation.volumeNumber30en_US
dc.citation.issueNumber4en_US
dc.identifier.doi10.1016/j.ecosys.2006.07.003en_US
dc.publisherElsevier BVen_US
dc.identifier.eissn1878-5433


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