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Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

Book part
Publication date: 26 April 2014

Minoas Koukouritakis, Athanasios P. Papadopoulos and Andreas Yannopoulos

In the present paper we assess the impact of the Eurozone’s economic policies on specific South-Eastern European countries, namely Bulgaria, Croatia, Cyprus, Greece…

Abstract

Purpose

In the present paper we assess the impact of the Eurozone’s economic policies on specific South-Eastern European countries, namely Bulgaria, Croatia, Cyprus, Greece, Romania, Slovenia, and Turkey.

Design/methodology/approach

Since the countries under investigation are connected to the European Union (EU) or the Eurozone and the economic interdependence among them is evolving, we carried out our analysis using the VECMX* framework.

Findings

Our results indicate that the transition economies in our sample react in a similar manner to changes in international macroeconomic policies. Cyprus and Greece react also in a similar way, but these responses are very small in magnitude. Finally, Turkey behaves in a different way, probably due to the inflationary pressures in its economy. In general, there is evidence of linkages and interdependence among the EU or Eurozone members of the region.

Research limitations/implications

We did not construct a full structural model proposed by economic theory, but instead we estimated a reduced-form model. Data limitation is one reason. The other reason is that our sample countries are extremely heterogeneous. Also, for most of the sample countries there is an acute problem of structural uncertainty of their economies yet.

Practical implications

The way that the economies under investigation react to changes in international macroeconomic policies, may influence the Eurozone policy makers regarding the implemented monetary policy.

Originality/value

To our knowledge, the above methodology is implemented for the first time in the sample countries and provides a detailed investigation regarding their economic policies and the effects of the Eurozone policies.

Details

Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

Keywords

Abstract

Details

Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

Abstract

Details

Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons
Type: Book
ISBN: 978-1-78441-779-6

Content available
Book part
Publication date: 26 April 2014

Abstract

Details

Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

Content available
Book part
Publication date: 9 June 2020

Abstract

Details

Advanced Issues in the Economics of Emerging Markets
Type: Book
ISBN: 978-1-78973-578-9

Content available
Book part
Publication date: 4 October 2018

Abstract

Details

Banking and Finance Issues in Emerging Markets
Type: Book
ISBN: 978-1-78756-453-4

Content available
Book part
Publication date: 1 March 2021

Abstract

Details

Recent Developments in Asian Economics International Symposia in Economic Theory and Econometrics
Type: Book
ISBN: 978-1-83867-359-8

Content available
Book part
Publication date: 19 June 2019

Abstract

Details

Asia-Pacific Contemporary Finance and Development
Type: Book
ISBN: 978-1-78973-273-3

Content available
Book part
Publication date: 8 November 2021

Abstract

Details

Environmental, Social, and Governance Perspectives on Economic Development in Asia
Type: Book
ISBN: 978-1-80117-895-2

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