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The dynamics of core and periphery in the European monetary union: A new approach

Campos, NF; Macchiarelli, C; (2021) The dynamics of core and periphery in the European monetary union: A new approach. Journal of International Money and Finance , 112 , Article 102325. 10.1016/j.jimonfin.2020.102325. Green open access

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Abstract

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).

Type: Article
Title: The dynamics of core and periphery in the European monetary union: A new approach
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.jimonfin.2020.102325
Publisher version: http://dx.doi.org/10.1016/j.jimonfin.2020.102325
Language: English
Additional information: © 2020 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
Keywords: Euro, Core-periphery, Competition, Symmetry, Convergence
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES
URI: https://discovery.ucl.ac.uk/id/eprint/10129370
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