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Trade Blocs, Currency Blocs and the Disintegration of World Trade in the 1930s
Eichengreen, Barry - 1993
The dramatic implosion and regionalization of international trade during the 1930s has often been blamed on the trade and foreign exchange policies that emerged in the interwar period. We provide new evidence on the impact of trade and currency blocs on trade flows from 1928 1938 that suggests a...
Persistent link: https://www.econbiz.de/10012474505
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Is There a Conflict Between EC Enlargement and European Monetary Unification?
Bayoumi, Tamim - 1992
the UK and the Southern European members of the Community). Austria, Sweden and Switzerland behave more similarly to the …, Sweden and Switzerland than for the other EFTA countries …
Persistent link: https://www.econbiz.de/10012475031
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Conditional PPP and Real Exchange Rate Convergence in the Euro Area
Bergin, Paul R. - 2016
While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange...
Persistent link: https://www.econbiz.de/10012456694
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Borders, Trade and Welfare
Anderson, James E. - 2001
International economic integration yields large potential welfare effects, even in a static constant returns competitive world economy. Our method is novel. The effect of border barriers on trade flows is often inferred from gravity models. But their rather atheoretic structure precludes welfare...
Persistent link: https://www.econbiz.de/10012470203
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Currency Unions and International Integration
Rose, Andrew K. - 2000
This paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to countries with sovereign monies, and to regions within...
Persistent link: https://www.econbiz.de/10012470865
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Is Japan Creating a Yen Bloc in East Asia and the Pacific?
Frankel, Jeffrey A. - 1992
This paper reaches seven conclusions regarding the Yen Bloc that Japan is reputed to be forming in Pacific Asia. (1) Gravity-model estimates of bilateral trade show that the level of trade in East Asia is biased intra-regionally, as it is within the European Community and within the Western...
Persistent link: https://www.econbiz.de/10012474929
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Currency Areas, Labor Markets, and Regional Cyclical Sensitivity
Russ, Katheryn Niles; Shambaugh, Jay C.; Singh, Sanjay R. - National Bureau of Economic Research - 2023
In his papers during the lead up to the birth of the European Monetary Union, Obstfeld considered whether the countries forming the EMU were sufficiently similar to survive a single monetary policy--and more importantly, whether they had the capacity to adjust to asymmetric shocks given a single...
Persistent link: https://www.econbiz.de/10014337753
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Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets
Martinez, Joseba - 2019
We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a banking union; a capital market union; and complete financial markets. We show that a banking union is efficient at sharing all domestic demand shocks (deleveraging, fiscal...
Persistent link: https://www.econbiz.de/10012479975
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Re-Evaluating Swedish Membership in EMU : Evidence from an Estimated Model
Söderström, Ulf - 2008
I revisit the potential costs and benefits for Sweden of joining the Economic and Monetary Union (EMU) of the European … inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999, but also … in the monetary union would be advantageous for Sweden …
Persistent link: https://www.econbiz.de/10012464128
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Earnings Dynamics and Firm-Level Shocks
Friedrich, Benjamin - 2019
We use matched employer-employee data from Sweden to study the role of the firm in affecting the stochastic properties …
Persistent link: https://www.econbiz.de/10012479736