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DC Field | Value | Language |
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dc.contributor.author | Karanasos, M | - |
dc.contributor.author | Koutroumpis, P | - |
dc.contributor.author | Karavias, Y | - |
dc.contributor.author | Kartsaklas, A | - |
dc.contributor.author | Arakelian, V | - |
dc.date.accessioned | 2017-06-28T13:17:47Z | - |
dc.date.available | 2016-08-02 | - |
dc.date.available | 2017-06-28T13:17:47Z | - |
dc.date.issued | 2016 | - |
dc.identifier.citation | Journal of Empirical Finance, 2016, 39 pp. 241 - 253 | en_US |
dc.identifier.issn | 0927-5398 | - |
dc.identifier.uri | http://bura.brunel.ac.uk/handle/2438/14836 | - |
dc.description.abstract | We study the convergence properties of inflation rates among the countries of the European Monetary Union over the period 1980–2013. Recently developed panel unit root/stationarity tests cannot reject the stationarity hypothesis. This implies that some countries have been in the process of converging absolutely or relatively. By using a clustering algorithm we statistically detect three absolute convergence clubs in the pre-euro period, which comprise early accession countries. In particular, Luxembourg clusters with Austria and Belgium, while a second sub-group includes Germany and France and the third The Netherlands and Finland. We also detect two separate clusters of early accession countries in the post-1997 period: a sub-group with Germany, Austria, Belgium and Luxembourg, and one with France and Finland. For the rest of the countries/cases we find evidence of divergent behavior. Robustness is checked by testing pairwise convergence in a Bayesian framework. The outcome broadly confirms our findings. | en_US |
dc.format.extent | 241 - 253 | - |
dc.language.iso | en | en_US |
dc.subject | Convergence | en_US |
dc.subject | European Monetary Union | en_US |
dc.subject | Inflation differentials | en_US |
dc.subject | Unit root tests | en_US |
dc.subject | Stationarity tests | en_US |
dc.title | Inflation convergence in the EMU | en_US |
dc.type | Article | en_US |
dc.identifier.doi | http://dx.doi.org/10.1016/j.jempfin.2016.07.004 | - |
dc.relation.isPartOf | Journal of Empirical Finance | - |
pubs.publication-status | Published | - |
pubs.volume | 39 | - |
Appears in Collections: | Dept of Economics and Finance Research Papers |
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FullText.pdf | 1.6 MB | Adobe PDF | View/Open |
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