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Euro Area Product Market Integration (CROSBI ID 318371)

Prilog u časopisu | izvorni znanstveni rad | međunarodna recenzija

Raguž Krištić ; Irena, Rogić Dumančić ; Lucija Euro Area Product Market Integration // South East European Journal of Economics and Business, 17 (2022), 2; 142-153. doi: 10.2478/jeb-2022-0020

Podaci o odgovornosti

Raguž Krištić ; Irena, Rogić Dumančić ; Lucija

engleski

Euro Area Product Market Integration

The goal of this paper is to determine if there is product market integration in the euro area (EA). The paper employs LM and RALS-LM unit root tests with two breaks on the relative price series, constructed using the seasonally adjusted monthly Harmonized Index of Consumer Prices (HICP), from 1996:01 to 2017:05. The analysis shows EA accession related breaks in price series for most of the EA11 countries, but, apart from Malta, no such breaks for the later-EA-joiners. However, there are breaks in both EA and non-EA countries at the time of EA formation. There is also evidence of greater product market integration and less adverse effects after negative shocks in the EA12. However, unit root analysis points to a conclusion that EA membership is not a sufficient condition for product market integration and integration is not necessarily related to being an EA member.

prices, euro area, stochastic convergence, unit root, structural breaks

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Podaci o izdanju

17 (2)

2022.

142-153

objavljeno

1840-118X

2233-1999

10.2478/jeb-2022-0020

Povezanost rada

Ekonomija

Poveznice