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- Title
EUROPEAN INTEGRATION AND INTEREST RATE TRANSMISSION IN EU: AN EXCHANGE RATE REGIMES' APPROACH.
- Authors
Capraru, Bogdan; Cocris, Vasile; Ihnatov, Iulian
- Abstract
This paper analyses the consequences of European integration on the interest rates pass-through from the Eurozone to the non-Euro countries that are the members of the European Union. The methodology of Frankel et al. (2004) is used in order to test the degree of monetary policy autonomy of the non-Euro European Union countries versus the European Central Bank policy, in a framework of different exchange rate regimes. The research is performed for 1999-2010 period on the EU27 non-Euro countries, including the pre-adoption data for those which adopted Euro during this period. According to the obtained results, the Euro area interest rates pass-through to the non-Euro EU countries reveals the differences by country groups and exchange rate regimes.
- Subjects
EUROPEAN Union countries; FOREIGN exchange rates; MACROECONOMICS; ECONOMIC conditions in the Eurozone; MONETARY policy; INTEREST rates; ECONOMIC development
- Publication
Transformations in Business & Economics, 2015, Vol 14, Issue 2A, p299
- ISSN
1648-4460
- Publication type
Article