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| Tekijä: | Babetskii, I. |
| Otsikko: | Trade integration and synchronization of shocks Implications for EU enlargement |
| Lehti: | Economics of transition
2005 : VOL. 13:1, p. 105-138 |
| Asiasana: | Business cycles Trade |
| Vapaa asiasana: | EU enlargement OCA (optimal currency area) |
| Kieli: | eng |
| Tiivistelmä: | This article presents two views on the the effect of closer integration. European Comission's (1990) view is, closer integration leads to less frequent asymmetric shocks and to more synchronized business cycles between countries. Krugman's (1993) view is that, close integration implies higher specialization and, thus, higher risks of idiosyncratic shocks. This article tries to determine whose argument is supported by the data. |
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