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http://bura.brunel.ac.uk/handle/2438/21970
Title: | The Dynamics of Core and Periphery in the European Monetary Union: A New Approach |
Authors: | Campos, NF Macchiarelli, C |
Keywords: | euro;core-periphery;competition;symmetry;convergence |
Issue Date: | 28-Nov-2020 |
Publisher: | Elsevier |
Citation: | Campos, N.F. and Macchiarelli, C. (2020) 'The Dynamics of Core and Periphery in the European Monetary Union: A New Approach', Journal of International Money and Finance, 112, 102325, pp. 1 - 18. doi: 10.1016/j.jimonfin.2020.102325. |
Abstract: | Copyright © 2020 The Authors. Despite numerous studies about core-periphery in monetary unions, few focus on their dynamics. This paper (i) presents new theory-based, continuous and dynamic measures of the probability of a country being classified as core or periphery; (ii) estimates the determinants of the changes in this probability over time and across countries; and (iii) uses the Phillips-Sul convergence panel framework to investigate the behaviour of core and periphery groups over time. Our main results indicate that the post-EMU decrease of the core-periphery gap that we document was mainly driven by the adoption of the euro and by increasing competition (lower mark-ups). |
URI: | https://bura.brunel.ac.uk/handle/2438/21970 |
ISSN: | 0261-5606 |
Other Identifiers: | ORCID iDs: Nauro F. Campos https://orcid.org/0000-0002-4886-070X; Corrado Macchiarelli https://orcid.org/0000-0003-1292-6663. |
Appears in Collections: | Dept of Economics and Finance Research Papers |
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File | Description | Size | Format | |
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FullText.pdf | Copyright © 2020 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (https://creativecommons.org/licenses/by/4.0/). | 1.03 MB | Adobe PDF | View/Open |
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