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| Author: | Nardis, S. de Vicarelli, C. |
| Title: | Currency unions and trade: the special case of EMU |
| Journal: | Review of World Economics
2003 : VOL. 139:4, p. 625-649 |
| Index terms: | Economic integration European Monetary System Monetary integration Panel data Trade |
| Language: | eng |
| Abstract: | This article investigates the impact of the adoption of the euro on the commercial transactions of EMU countries. It seeks to disentangle the effects of eliminating exchange rate volatility - and those of other policy factors that promote integration - from the influence of the emergence of the European currency union. Since EMU is relatively new phenomenon, a panel estimation of the gravity equation in a dynamic framework is used in order to capture effects like trade persistence. The main result is that the adoption of the euro has had a positive but not an exorbitant impact on bilateral trade between European countries (rating between 9 and 10 percent). |
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