文章基本信息

标题：Do EMU Countries Constitute an Optimum Currency Area? An Empirical Test of the Generalised Purchasing Power Parity Hypothesis
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作者：Mouratidis, Konstantinos
期刊名称：Zagreb International Review of Economics and Business
印刷版ISSN：1331-5609
出版年度：2001
卷号：4
期号：2
页码：49-69
出版社：Ekonomski fakultet Sveučilišta u Zagrebu
摘要：This paper makes use of Generalised Purchasing Power Parity based on the Johansen cointegration technique to examine the issue of Optimum Currency Area (OCA) in five European Monetary System (EMS) countries: France, Greece, Italy, Portugal and Spain. It evaluates the degree of asymmetry in different sub-periods in terms of four (i.e. n-1) equilibria. The existence of n-1 equilibria implies the adoption of a common monetary policy. The empirical results indicate that the only period that these countries constituted an OCA was during 1991-1998. However, this result is the exception rather than the rule since estimation of a more extended period (i.e. 1986-1998) rejects the hypothesis of an OCA.
关键词：generalized PPP; EU; real exchange rate