Working Papers, Konjunkturinstitutet - National Institute of Economic Research
Internationalists, Regionalists, or Eurocentrists
Abstract: The paper classifies small open economies in Europe into
three categories. First, countries moving primarily in line with
international fluctuations. Second, countries responding mainly to shocks
at the EU level, and third, countries where fluctuations can be attributed
essentially to domestic shocks. A variance decomposition of residuals from
a Structural Vector Autoregression model is used for this classification.
The results allow an assessment of the degree of real integration in Europe
and of the benefits and costs from further steps of integration.
Keywords: International Business Fluctuations; European Integration; (follow links to similar papers)
JEL-Codes: E32; F15; (follow links to similar papers)
40 pages, April 1, 1996
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