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Globalization and Exchange-Rate Pass-Through in Europe: Is There a Link?
( Antonia Lopez-villavicencio ),( Valerie Mignon ) 세종대학교 경제통합연구소 2018 Journal of Economic Integration Vol.33 No.4
This paper assesses the impact of globalization on Exchange-Rate Pass-Through into import prices in three core eurozone countries characterized by different degrees of openness. We looked at various indicators of globalization and used data since 1983 to find evidence of a generalized link between globalization and Exchange-Rate Pass-Through. In particular, factors related to trade integration, such as an increase in the import penetration rate or lower trade tariffs, reduce the degree of Exchange-Rate Pass-Through. However, the rising prominence of China in European imports does not contribute to the decline in pass-through. Overall, our findings show that while Exchange-Rate Pass-Through is incomplete, it remains significant even when controlling for the effects of trade globalization.
Is Price Dynamics Homogeneous Across Eurozone Countries?
( David Guerreiro ),( Marc Joets ),( Valerie Mignon ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2012 Journal of Economic Integration Vol.27 No.4
The aim of this paper is to investigate whether price dynamics is homogeneous across the Eurozone countries. Relying on monthly data over the January 1970~July 2011 period, we test for the absolute purchasing power parity (PPP) hypothesis through the implementation of second and third-generation panel unit root and cointegration tests. Our results show that price dynamics are heterogeneous depending on both the time period and the considered group of countries. More specifically, while PPP is validated for the core Economic Monetary Union (EMU) countries, this hypothesis does not hold for Northern peripheral economies. Turning to the Southern countries, PPP is observed only before the launch of the euro.