Core and Periphery in the European Monetary Union: Bayoumi and Eichengreen 25 years later
沿用Bayoumi和Eichengreen的方法，用1989-2015年数据检验欧洲货币联盟是否强化了核心-外围模式，结果发现该模式反而弱化了。
Bayoumi and Eichengreen (1993) establish a EMU core–periphery pattern using 1963–1988 data. We use same methodology, sample, window length (1989–2015), and a novel over-identifying restriction test to ask whether the EMU strengthened or weakened the core–periphery pattern. Our results suggest the latter.