Convergencia en Tipos de Interés de la Economía Española ante la Unión Monetaria Europea

  • Mariam Camarero Universitat Jaurne I Castellón y Wharton School University of Pennsylvania
  • Vicente Esteve lnstituto de Economia Intemacional, Universitat de Valencia
  • Cecilio Tamarit Universitat Jaurne I Castellón y Wharton School University of Pennsylvania

Abstract

This paper examines whether there is convergence between the interest rates of the Spanish and German economies or at least with a weighted average of the European Union (EU). For this purpose a time series approach is adopted and some unit root tests allowing for structural breaks when the breakpoint is unknown are implemented. The empirical findings allow us to accept the fang-term convergence hypothesis towards a weighted average of the EMS. The results also allow us to accept the existence of a catching lip process in long-term interest rate differentials with Germany. Further evidence is obtained using the Kalman filter. This technique allows us to study in more detail the speed and evolution of the catching lip processes.
How to Cite
Camarero, M., Esteve, V., & Tamarit, C. (1). Convergencia en Tipos de Interés de la Economía Española ante la Unión Monetaria Europea. Economic Analysis Review, 12(2), 71-99. Retrieved from https://www.rae-ear.org/index.php/rae/article/view/142
Issue
Vol. 12 No. 2 (1997)
Section
Articles

Upon submission of an article, authors are asked to indicate their agreement to abide by an open-access license. The license permits any user to download, print out, extract, archive, and distribute the article, so long as appropriate credit is given to the authors of the work. The license ensures that your article will be as widely available as possible and that your article can be included in any scientific archive. Please read about the Creative Commons Attribution License before submitting your paper. 
Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution 3.0 License