European monetary integration and persistance of real exchange rates |
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| Authors: | Maria Dolores Gadea Ana Belen Gracia |
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| Affiliation: | 1. Division of Allergy and Immunology, Children''s Memorial Hospital, and the Department of Pediatrics, Feinberg School of Medicine, Northwestern University, Chicago, Ill;2. Department of Medicine, University of California, San Francisco, Calif;3. Department of Genetics, Stanford University School of Medicine, Stanford, Calif;4. Department of Biological Systems, Division of Biological and Health Sciences, Universidad Autónoma Metropolitana-Xochimilco, Mexico City, Mexico;5. Division of Allergy-Immunology, Feinberg School of Medicine, Northwestern University, Chicago, Ill;6. Department of Pediatrics, Section of Pulmonology, Baylor College of Medicine, Texas Children''s Hospital, Houston, Tex;7. Allergy/Immunology Associates and the Departments of Medicine and Pediatrics, Case Western Reserve University, Cleveland, Ohio;8. Veterans Caribbean Health Care System, San Juan, Puerto Rico;9. Centro de Neumologia Pediatrica, CSP, San Juan, Puerto Rico;10. Pediatric Pulmonary Division, Jacobi Medical Center, Bronx, NY;11. Department of Pediatrics, University of California, San Francisco, Calif;12. Department of Internal Medicine, Henry Ford Health System, Detroit, Mich;13. Basic Research Laboratory, SAIC-Frederick, Center for Cancer Research, National Cancer Institute, Frederick, Md;14. Department of Health Sciences, Graduate Program in Public Health, Lehman College, City University of New York, Bronx, NY;15. Department of Bioengineering and Therapeutic Sciences, University of California, San Francisco, Calif;1. Department of Health Systems Science, College of Nursing, University of Illinois at Chicago, Chicago, Illinois;2. Division of Epidemiology and Biostatistics, School of Public Health, University of Illinois at Chicago, Chicago, Illinois;3. Institute for Minority Health Research, College of Medicine, University of Illinois at Chicago, Chicago, Illinois;4. Division of Community Health Sciences, School of Public Health, University of Illinois at Chicago, Chicago, Illinois;1. Department of Pediatrics, University of California, San Francisco, CA;2. Department of Bioengineering and Therapeutic Sciences, University of California, San Francisco, CA;3. Department of Medicine, University of California, San Francisco, CA;4. Department of Epidemiology and Biostatistics, University of California, San Francisco, CA;5. Children''s Hospital and Research Center Oakland, Oakland, CA;6. Bay Area Pediatrics, Oakland, CA;7. Department of Allergy-Immunology, Northwestern University, Chicago, IL;8. Department of Pediatrics, Section of Pulmonology, Baylor College of Medicine and Texas Children''s Hospital, Houston, TX;9. Pediatric Pulmonary Division, Jacobi Medical Center, Bronx, NY;10. Department of Allergy and Immunology, Kaiser Permanente-Vallejo Medical Center, Vallejo, CA;11. Veterans Caribbean Health Care System, San Juan, Puerto Rico;12. Ann and Robert H. Lurie Children''s Hospital of Chicago, Chicago, IL;13. San Francisco General Hospital, San Francisco, CA;14. Centro de Neumología Pediátrica, San Juan, Puerto Rico;15. Department of Health Sciences, Lehman College, City University of New York, Bronx, NY;1. EDMANS Group, Department of Mechanical Engineering, University of La Rioja, 26004 Logroño, Spain;2. European Commission, Joint Research Centre, Via Fermi 2749, I-21027 Ispra, Italy;3. University of Helsinki, Viikinkaari, 5 E, P.O. Box 56, 00014 Helsinki, Finland;1. Departments of Emergency Medicine and Pediatrics, Section of Pediatric Emergency Medicine, Brown University/Hasbro Children''s Hospital, Providence, Rhode Island;2. Warren Alpert Medical School of Brown University/Hasbro Children''s Hospital, Providence, Rhode Island;3. School of Public Health, Brown University, Providence, Rhode Island;4. Bradley/Hasbro Children''s Research Center and Department of Psychiatry, Rhode Island Hospital, Providence, Rhode Island |
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| Abstract: | The aim of this paper is to analyze whether the persistence properties of the European real exchange rates changed when their currencies joined the euro or during the monetary integration process. More specifically, we investigate whether, as a result of the single currency or the previous macroeconomic stability, nominal price rigidities have decreased and the persistence of real exchange has fallen. We test for stationarity against a change in the integration order on different competitiveness measures during the period that runs from the middle of the seventies to nowadays. The results show that the real exchange rates of the European periphery (Spain, Italy, Portugal, Greece and Finland) underwent a change in their order of integration from I(1) to I(0) at some time around the middle of the 1990s. On the other hand, the real exchange rates of the Central European countries, with a greater stability in the 1980s and 1990s, changed their integration order earlier, if at all, mostly during the 1980s. So, the euro seems to have had, on the whole, little influence on the persistence of real exchange rates. Only for a few countries do our findings detect a significant decrease in persistence related with the nominal convergence process. |
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