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A Currency of One'S Own? An Empirical Investigation on Dollarization and Independent Currency Unions
Edwards, Sebastian; Magendzo, I. Igal - 2021
In this paper we analyze whether common currency' countries that is, dollarized and independent currency union countries have outperformed countries that have a currency of their own. The paper is empirical and estimates jointly the probability of being a common currency country and outcome'...
Persistent link: https://www.econbiz.de/10013221081
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Dollarization and Trade
Klein, Michael W. - 2021
Dollarization has been suggested as a policy that might, among other goals, promote trade between a country adopting the dollar and the United States. Evidence supporting this conjecture could be drawn from a recent series of papers by Rose and co-authors who show that a currency union increases...
Persistent link: https://www.econbiz.de/10013234918
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Currency Unions
Alesina, Alberto F.; Barro, Robert J. - 2021
What is the optimal number of currencies in the world? Common currencies affect trading costs and, thereby, the amounts of trade, output, and consumption. From the perspective of monetary policy, the adoption of another country's currency trades off the benefits of commitment to price stability...
Persistent link: https://www.econbiz.de/10013214585
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Is Japan Creating a Yen Bloc in East Asia and the Pacific?
Frankel, Jeffrey A. - 2021
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/10013218103
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Borders, Trade and Welfare
Anderson, James E.; van Wincoop, Eric - 2021
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/10013234364
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Currency Unions and International Integration
Rose, Andrew Kenan; Engel, Charles M. - 2021
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/10013252303
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Trade Blocs, Currency Blocs and the Disintegration of World Trade in the 1930s
Eichengreen, Barry; Irwin, Douglas A. - 2021
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/10013245718
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Is There a Conflict between EC Enlargement and European Monetary Unification?
Bayoumi, Tamim; Eichengreen, Barry - 2022
Recent proposals for enlarging the European Community to include the EFTA countries raise the question of whether the new members should participate in a European Monetary Union. In part, the issue hinges on the incidence of aggregate supply and demand disturbances. We use data on prices and...
Persistent link: https://www.econbiz.de/10013324014
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The Desirability of a Dollar Appreciation, Given a Contractionary U.S. Monetary Policy
Frankel, Jeffrey A. - 2022
Undesirable real effects have been attributed to floating exchange rates in general, and the 1980-83 appreciation of the dollar in particular.In the appreciating country, the U.S., export industries lose competitiveness and so output falls. In the other country, say Europe, the exchange rate...
Persistent link: https://www.econbiz.de/10013308503
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Globalization and Monetary Control
Woodford, Michael - 2007
It has recently become popular to argue that globalization has had or will soon have dramatic consequences for the … banks. In this paper, I consider three possible mechanisms through which it might be feared that globalization can undermine … that globalization, even of a much more thorough sort than has yet occurred, is unlikely to weaken the ability of national …
Persistent link: https://www.econbiz.de/10012776195