Beine, Michel; Candelon, Bertrand - In: Journal of Economic Integration 18 (2003), pp. 214-242
Most empirical applications of the OCA approach based on asymmetric shocks have failed to account for the credibility aspects that play an important role in deciding to join the EMU from the EMS or the EMS-BIS. In this paper, we tackle this problem by relying on a regime switching approach that...
