Pregled bibliografske jedinice broj: 1240590
Euro Area Product Market Integration
Euro Area Product Market Integration // South East European Journal of Economics and Business, 17 (2022), 2; 142-153 doi:10.2478/jeb-2022-0020 (međunarodna recenzija, članak, znanstveni)
CROSBI ID: 1240590 Za ispravke kontaktirajte CROSBI podršku putem web obrasca
Naslov
Euro Area Product Market Integration
Autori
Raguž Krištić ; Irena, Rogić Dumančić ; Lucija
Izvornik
South East European Journal of Economics and Business (1840-118X) 17
(2022), 2;
142-153
Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni
Ključne riječi
prices, euro area, stochastic convergence, unit root, structural breaks
Sažetak
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.
Izvorni jezik
Engleski
Znanstvena područja
Ekonomija
POVEZANOST RADA
Projekti:
UIP-2017-05-6785 - Osnivanje i razvoj Centra za strukturno i nelinearno makroekonomsko modeliranje (MacroHub) (MACROHUB) (Globan, Tomislav, HRZZ - 2017-05) ( CroRIS)
Ustanove:
Ekonomski fakultet, Zagreb
