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.
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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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