Economic crisis and convergence in the Eurozone countries

Although a key condition for the creation of a monetary union is the existence of similar structural characteristics that reduce the existence and incidence of asymmetric shocks, in the case of the Eurozone, most, if not all, studies have emphasized the existence of sizeable divergences both in the...

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Bibliographic Details
Published in:Panoeconomicus 2017, Vol.64 (2), p.223-244
Main Authors: Ferreiro, Jesús, Gálvez, Catalina, Gómez, Carmen, González, Ana
Format: Article
Language:English
Subjects:
Business cycles
Central banks
Coherence
Convergence
Counties
Economic crisis
Economic policy
European Monetary Union
Eurozone
Evolution
GDP
Gross Domestic Product
Growth rate
Impact analysis
Income distribution
Macroeconomics
Monetary policy
Monetary unions
Recessions
sigma-convergence
Standard deviation
Studies
Variables
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Summary:Although a key condition for the creation of a monetary union is the existence of similar structural characteristics that reduce the existence and incidence of asymmetric shocks, in the case of the Eurozone, most, if not all, studies have emphasized the existence of sizeable divergences both in the macroeconomic performances and in the structural elements of the Eurozone countries. The objective of the paper is to analyse whether the economic and financial crisis that is affecting the Eurozone since the year 2008 has had any impact of the coherence of the Eurozone, that is, whether after 2008 the differences in the macroeconomic performance of the euro counties are declining (convergence) or increasing (divergence). nema
ISSN:1452-595X
2217-2386
DOI:10.2298/PAN1702223F