Shocks to New and Old Europe: How Symmetric?

Mikek, Peter

doi:10.1111/j.1468-5965.2009.02006.x

Cited by 10 publications

(5 citation statements)

References 36 publications

(86 reference statements)

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“…Their findings were correlation of shocks within the core countries of EC is more similar than within periphery and cores. Mikek (2009) analyzed correlation of the demand and supply shocks between the three essential countries of the EMU and New Member States (NMS -Estonia, Latvia, Lithuania, Poland, Czech Republic, Hungary, Slovakia and Slovenia) and came to the conclusion that main structural shocks among these countries have not changed considerable and particularly demand shocks persisted asymmetric.…”

Section: Figure: 1 Amplification Of Asymmetric Shocksmentioning

confidence: 99%

Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe

Alakbarov

Utkulu

2020

Sosyoekonomi

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The main purpose of this paper is to discover the underlying structure of the debt crisis and examine the crosscountry differences by analyzing the asymmetric supply and demand shocks for the member and candidate countries of the European Union for the pre-crisis period. Following the path of Bayoumi and Eichengreen (1993, 1997) and Blanchard and Quah (1989), the calculations show us that Greece has the largest supply shocks, while Turkey has the largest demand shocks. By looking at the impulse response functions associated with the SVARs, it is clear that Greece has the lowest adjustment speed to demand disturbances followed by the United Kingdom. Those countries which experienced debt crises in the EMU, seemed to have big supply and demand shocks and compared to other member countries the adjustment speed of their economies to these shocks are slower.

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Section: Figure: 1 Amplification Of Asymmetric Shocksmentioning

confidence: 99%

Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe

Alakbarov

Utkulu

2020

Sosyoekonomi

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“…A number of articles deal with the euro adoption of Central and Eastern European Countries (CEEC) (Angeloni et al, 2007;Dyson, 2007;Van Poeck et al, 2007) and analyze convergence and divergence processes (Frenkel and Nickel, 2005;Mikek, 2009). In a more historic approach, Quaglia (2004) focuses on Italy's policy towards European monetary integration before 1999.…”

Section: Construction Narrativementioning

confidence: 99%

Political Science and the Eurozone Crisis. A Review of Scientific Journal Articles 2004–15

Höing

Kunstein

2018

J of Common Market Studies

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We take a closer look at how political science engaged with Economic and Monetary Union (EMU) over a period of 12 years (2004–15). How intensively, and with what focus, have political science journals dealt with EMU? How has the scientific discourse on the topic changed with the outbreak of the global financial crisis, which led to a eurozone crisis? Our systematic, qualitative analysis of articles (N=161) dealing with EMU in selected peer‐reviewed political science journals yields a number of interesting findings. First, we observe marked differences between the pre‐ and post‐crisis period. Specifically, political science has increasingly taken up issues of financial regulation and questions of trust in a monetary union. Second, political scientists did not engage as much as expected with the democratic ramifications of the crisis management. Finally, different crisis narratives persist, and none have been completely refuted.

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“…Exposure to asymmetric shocks provides an additional insight about the cost of abandoning an independent monetary and exchange-rate policy. Despite the fact that shocks hitting Poland and the euro area as a whole have been rather asymmetric so far (Konopczak, 2008;Stazka, 2008;Mikek, 2009), the estimates also reveal a significant correlation of output responses in both areas to individual shocks (Konopczak, 2008;Adamowicz et al, 2008). Indeed, should an economy be hit by various asymmetric shocks, a high ex post synchronisation of business cycles could merely reflect a significant stabilisation role played by mitigating policy measures and/or other adjustment mechanisms such as the exchange rate.…”

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confidence: 99%

Preparing for Euro Adoption in Poland

Kierzenkowski

2010

OECD Economics Department Working Papers

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The objective of joining the euro area has become an important priority in the policy agenda of the current government. The paper focuses on the major structural reforms necessary to prepare for euro adoption that should allow a sustainable fulfilment of the Maastricht criteria and maximisation of the ensuing various benefits. These reforms are desirable independent of the effective date of adoption, given the necessity to restore fiscal discipline, maintain price stability and ensure a balanced growth going forward. However, they are even more essential in the run up to euro adoption as the process of real and nominal convergence remains largely incomplete, which requires a substantial strengthening of alternative adjustment mechanisms to domestic interest- and exchange-rate changes. The reforms should aim to create strong institutions to ensure fiscal sustainability and an efficient counter-cyclical rules-based fiscal policy supported by an independent fiscal council; promote flexibility in labour and product markets; and head off the risk of a boom-bust cycle triggered by much lower real interest rates, too rapid credit expansion and overblown perceived permanent income gains. The timing of euro adoption should therefore be determined by the speed of the implementation of reforms; otherwise the outcome of early membership without appropriate preparation may turn out to be difficult and risky. Yet, provided that adequate reforms are implemented, euro adoption should speed up the convergence process. This Working Paper relates to the 2010 OECD Economic Survey of Poland (www.oecd.org/eco/surveys/poland). Préparer l'adoption de l'euro en Pologne L'objectif que constitue l'entrée dans la zone euro est devenu un objectif important du gouvernement actuel. Cet article est consacré aux principales réformes structurelles nécessaires à la préparation de l'adoption de la monnaie unique, qui devraient permettre à la Pologne de satisfaire durablement aux critères de Maastricht et de maximiser les différents avantages qu'elle en retirera. Ces réformes sont souhaitables indépendamment de la date effective d'entrée dans la zone euro, compte tenu de la nécessité de restaurer la discipline budgétaire, de maintenir la stabilité des prix et de garantir une croissance équilibrée dans l'avenir. Néanmoins, elles sont d'autant plus cruciales à l'approche de l'adoption de la monnaie unique que le processus de convergence réelle et nominale reste dans une large mesure inachevé, ce qui exige un renforcement sensible d'autres mécanismes d'ajustement que les taux d'intérêt et le taux de change domestiques. Ces réformes devraient viser à : mettre en place des institutions fortes garantissant la soutenabilité des finances publiques, ainsi qu'une politique budgétaire anticyclique efficace fondée sur des règles et étayée par un conseil indépendant de politique budgétaire ; à promouvoir la flexibilité du marché du travail et des marchés de produits ; et à neutraliser le risque d'un cycle de forte expansion et de récession déclenchée par des tau...

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Shocks to New and Old Europe: How Symmetric?

Cited by 10 publications

References 36 publications

Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe

Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe

Political Science and the Eurozone Crisis. A Review of Scientific Journal Articles 2004–15

Preparing for Euro Adoption in Poland

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