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SCOPUS 학술저널

Convergence in the Core Euro Zone under the Global Financial Crisis

Convergence in the Core Euro Zone under the Global Financial Crisis

A lack of economic convergence among euro member countries seems to be feeding euro-skepticism. Using a Structural Vector Auto Regression model combined with a time varying correlation analysis, we attempt to test the endogeneity theory for the three core euro members, i.e., France, Germany, and Italy. We provide evidence that the adoption of the euro has increased the symmetry of underlying shocks and accelerated the convergence process within this group. Even though the global crisis of 2007~2009 disturbed the European convergence process, the expected endogeneity effects continue to be generated, and the euro-skepticism is not corroborated.

Ⅰ. Introduction

Ⅱ. Methodology

Ⅲ. Data and Results

Ⅳ. Sensitivity Analysis

Ⅴ. Conclusion

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