Titre : | External Monetary Shocks to Central and Eastern European Countries |
Auteurs : | Pierre Lesuisse |
Type de document : | Working Paper |
Editeur : | Clermont-Ferrand : Centre d'études et de recherches sur le développement international (Cerdi), 2017 |
Format : | 28 p. |
Langues: | Anglais ; |
Catégories : |
[Eurovoc] FINANCES > économie monétaire > politique des changes > taux de change [Eurovoc] FINANCES > économie monétaire > politique monétaire [Eurovoc] FINANCES > relations monétaires > finances internationales > crise monétaire [Eurovoc] FINANCES > relations monétaires > relation monétaire > zone monétaire > zone euro [Eurovoc] GÉOGRAPHIE > Europe > Europe centrale et orientale |
Tags : | monetary integration ; external shocks ; panel VAR |
Résumé : | Few countries are part of the European Union but on the verge of the Euro-zone. This study aims at identifying the amplitude of the direct ECB monetary policy impact, i.e. the so-called international monetary spillovers, in Central and Eastern European countries (CEECs). The use of a panel-VAR method allows to deal with the small time span and endogeneity. We found that CEECs tend to significantly converge in monetary terms to the ECB standards. The direct impact on real variables remains relatively weak but contrary to the literature, is significant and in line with expectations. A persistent negative adjustment of GDP gives a quick glimpse of a robust reaction against monetary shock when the focus is made on the post-economic crisis period. The exchange rate regime plays a small but significant role in terms of magnitude. This increased interdependence is the result of macroeconomic reforms implemented during the last 25 years. |
Axe de recherche : | Financement du développement |
En ligne : | https://halshs.archives-ouvertes.fr/halshs-01467330 |
Documents numériques (1)
https://halshs.archives-ouvertes.fr/halshs-01467330/file/Manuscript_HAL.pdf URL |