Vulnerability to Shocks in EMU: 1991-2004

Carmen Diaz-Roldan and Oscar Bajo-Rubio ()

No 05-08, Working Papers on International Economics and Finance from FEDEA

Abstract: In this paper we analyze the nature of the shocks hitting the EMU member countries over the period 1991-2004, as well as for the two subperiods before and after 1999, i.e., the start of EMU. To this end, we first evaluate the relative importance of symmetric vs. asymmetric shocks, and then extract their temporary component. Our final aim would be assessing the vulnerability of the EMU countries to temporary and asymmetric shocks, which would be the most harmful case for the operation of a monetary union.

New Economics Papers: this item is included in nep-cba, nep-eec, nep-fmk, nep-mac and nep-mon
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Working Paper: VULNERABILITY TO SHOCKS IN EMU: 1991-2004 (2005)
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