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      <record key="001" att1="001" value="148556" att2="148556">001   148556</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-133.pdf</field>
      <field key="079" subkey="z">Polasek, Wolfgang - et al., The Maastricht Criteria and the Euro (pdf)</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/133.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 133 (RePEc)</field>
      <field key="100" subkey="">Polasek, Wolfgang</field>
      <field key="103" subkey="">Department of Economomics and Finance, Institute for Advanced Studies</field>
      <field key="104" subkey="a">Amplatz, Christian</field>
      <field key="107" subkey="">Free University of Bozen-Bolzano</field>
      <field key="331" subkey="">The Maastricht Criteria and the Euro</field>
      <field key="335" subkey="">Has the Convergence Continued?</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">2003, July</field>
      <field key="433" subkey="">31 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 133</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Fisher, Walter (Assoc. Ed.) ; Ritzberger, Klaus (Assoc. Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="517" subkey="c">from the Table of Contents: Introduction; The EMU and the Maastricht criteria; The methodology; Main results; Is there</field>
      <field key="con" subkey="v">ergence in the 2nd moments?; Conclusions; References; Appendix: Heteroskedastic convergence models;</field>
      <field key="542" subkey="">1605-7996</field>
      <field key="544" subkey="">IHSES 133</field>
      <field key="700" subkey="">C2</field>
      <field key="700" subkey="">E1</field>
      <field key="720" subkey="">EMU convergence</field>
      <field key="720" subkey="">Maastricht criteria</field>
      <field key="720" subkey="">Heteroskedastic spline models</field>
      <field key="720" subkey="">ARCH regime shifts</field>
      <field key="720" subkey="">Inflation</field>
      <field key="720" subkey="">Public deficits</field>
      <field key="720" subkey="">Interest rates and public debt</field>
      <field key="753" subkey="">Abstract: We analyze the performance of the Maastricht convergence criteria (inflation, long-term interest rate, annual and</field>
      <field key="ove" subkey="r">all public debt) of the European Monetary Union (EMU) that led to the introduction of the Euro on Jan. 1st 1999 as book</field>
      <field key="cur" subkey="r">ency. Defining 3 regimes, 1992-97, 1997-1999 and 2000-2001, we analyse convergence properties, like a smooth or a rough</field>
      <field key="tra" subkey="n">sition in the mean or variance shifts between these 3 regimes. Given the regimes, we test the convergence in econometric</field>
      <field key="mod" subkey="e">ls to see if the first and second moments of the convergence process are time dependent. Furthermore we check for a smooth</field>
      <field key="tra" subkey="n">sition process between the regimes and if the convergence process has stabilized around a target path. We find that the speed</field>
      <field key="of" subkey="t">he convergence processes for the monetary authority controlled variables (inflation and interest rates) were very different</field>
      <field key="fro" subkey="m">the government controlled variables annual deficit and the public debt.;</field>
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