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| Tekijä: | Goldberg, P.K. Verboven, F. |
| Otsikko: | Cross-country price dispersion in the euro era: a case study of the European car market |
| Lehti: | Economic Policy
2004 : OCT, 40, p. 483, 485-521 |
| Asiasana: | Markets Car industry Prices Currency European Monetary System European Union Case studies |
| Vapaa asiasana: | EMS EMU |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates the effects of the European Monetary Union (EMU) on cross-country (hereafter as: c-c.) price (here as: pr.) differences (here as: diff. / diffs.) in the European car market. The analysis utilizes disaggregate, bi-annual data on the prices of almost all car models sold in the 15 countries of the European Union (EU) over 19932003. The data refer to identical models, with identical specifications and options. It is investigated whether there is a systematic diff. in the evolution of c-c. pr. dispersion btw. Euroland members and non-members after 1999, distinguishing btw. Phase I (monetary union with national currencies preserved, 19992001) and Phase II (official adoption of the euro as a national currency in 2002). The evolution of both the absolute pr. diffs. across countries and the speed with which deviations from the long-term c-c. diffs. are eliminated are examined. (Results in more detail omitted from this abstract.) Overall, the results suggest a big role for exchange rate stability in reducing international pr. dispersion and a smaller role for a common currency. The surprisingly high remaining international pr. diffs. after the euro suggest the need for additional measures towards integration. |
SCIMA