Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2023.2179502
The Eurozone’s influence on the cyclical macroeconomic performance: comparative analysis of Slovenia and Croatia
Maks Tajnikar
Petra Došenović Bonča
Ivan Rubinić
Sažetak
This paper analyses the impact of cyclical external shocks on the
macroeconomic performance of Eurozone and EU member countries.
The latter is achieved through a comparative study of two
EU countries, Slovenia and Croatia, of which only the former is a
Eurozone member state. Cross-country differences are observed
over the 2000-2018 period, thus covering all stages of the economic
cycle. The primary hypothesis is that the Eurozone economic
integration provides its members with comparably greater
macroeconomic stability and balanced growth rates. The research
elaborates on the possibilities and effects of more autonomous
macroeconomic adjustments tailored to the specific needs of
non-Eurozone EU countries. Methodologically, the study exhibits
an intricate nexus among theoretical, empirical, and institutional
economics and shows that the impact of the country’s international
interconnectedness, stemming from the economic and
geographical links, bears greater importance than Eurozone membership.
Concurrently, this analysis confirms that whether the
Eurozone’s benefits outweigh the shortcoming of monetary sovereignty
abnegation depends predominantly on the capabilities of
individual countries and Eurozone’s institutions to design and
execute an effective monetary-fiscal policy mix.
Ključne riječi
Eurozone accession; macroeconomic effects; cyclical fluctuations; economic policy; Slovenia; Croatia
Hrčak ID:
306874
URI
Datum izdavanja:
30.4.2023.
Posjeta: 133 *