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dc.contributor.authorHolmes, Mark J.
dc.contributor.authorMaghrebi, Nabil
dc.date.accessioned2013-12-02T04:03:32Z
dc.date.available2013-12-02T04:03:32Z
dc.date.copyright2008-10
dc.date.issued2008
dc.identifier.citationHolmes, M. J., & Maghrebi, N. (2008). Is there a connection between monetary unification and real economic integration? Evidence from regime-switching stationarity tests. Journal of International Money and Finance, 27(6), 958-970.en_NZ
dc.identifier.urihttps://hdl.handle.net/10289/8270
dc.description.abstractWe investigate the extent of real convergence among G7 economies in terms of long-run real interest parity. A novel approach is applied where unit-root tests of real interest differentials are embedded within a Markov regime-switching framework. Whereas standard univariate unit-root tests provide little support for parity, we find real convergence is present after allowing for regime switches in real interest misalignments. However, differentials across members of the euro zone are likely to exhibit greater persistence despite nominal convergence. It is non-sequitur to infer from monetary unification that nominal convergence is necessarily conducive to real interest realignments or preventive of misalignments.en_NZ
dc.language.isoenen_NZ
dc.publisherElsevieren_NZ
dc.relation.ispartofJournal of International Money and Finance
dc.relation.urihttp://www.sciencedirect.com/science/article/pii/S0261560608000892en_NZ
dc.subjectreal interest parityen_NZ
dc.subjectStationarityen_NZ
dc.subjectMarkov regime-switchingen_NZ
dc.titleIs there a connection between monetary unification and real economic integration? Evidence from regime-switching stationarity testsen_NZ
dc.typeJournal Articleen_NZ
dc.identifier.doi10.1016/j.jimonfin.2008.06.001en_NZ
dc.relation.isPartOfJournal of International Money and Financeen_NZ
pubs.begin-page958en_NZ
pubs.elements-id33076
pubs.end-page970en_NZ
pubs.issue6en_NZ
pubs.volume27en_NZ


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