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| Author: | Lopez-Cordova, J. E. Meissner, C. M. |
| Title: | Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era |
| Journal: | American Economic Review
2003 : MAR, VOL. 93:1, p. 344-353 |
| Index terms: | EXCHANGE RATES INTERNATIONAL TRADE ECONOMICS ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | In this paper the authors find strong evidence consistent with the idea that monetary regime choice had a large impact on patterns of trade in the first period of globalization. Trade flows may have been nearly 30 percent larger when two countries adopted the gold standard. Some evidence suggests that monetary unions are associated with levels of trade nearly two times higher. Combining these two effects, which was the case more often than not, suggests a very large association between trade and monetary regime coordination. With these results it is also possible to gauge the contribution of the gold standard to global integration before 1913. |
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