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| Tekijä: | Haug, A.A. MacKinnon, J.G. Michelis, L. |
| Otsikko: | European Monetary Union: a cointegration analysis |
| Lehti: | Journal of International Money and Finance
2000 : JUN, VOL. 19:3, p. 419-432 |
| Asiasana: | European Union European Monetary System Country comparisons Models |
| Vapaa asiasana: | EMU EMS Co-movement |
| Kieli: | eng |
| Tiivistelmä: | This paper employs systems-based cointegration techniques developed by Johansen (1998) to determine which European Union countries would form a successful Economic and Monetary Union (EMU) based on long-run behaviour of the nominal convergence criteria. The original 12 EU countries are analyzed together. The results suggest that not all of the 12 original EU countries can form a successful EMU over time, unless several countries make significant adjustments. |
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