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The importance of accounting for time trends when estimating the Euro effect on trade
Bun, Maurice J. G.; Klaassen, Franc - 2004
To study the effect of the euro on international goods trade one typically estimates a panel model for the level of trade. Trade levels increase over time, and we show that this is not fully explained by the included regressors. Because the euro is only present at the end of the sample, this may...
Persistent link: https://www.econbiz.de/10011334328
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The impact of the euro on trade : two decades into monetary union
Gunnella, Vanessa; Lebastard, Laura; López-García, Paloma - 2021
The consensus back in 2008 – ten years after the introduction of the euro – was that the adoption of a common currency had made a limited impact of around 2% in total on the trade flows of the first wave of euro area countries (Baldwin et al., 2008). Since then, six more countries have...
Persistent link: https://www.econbiz.de/10012650865
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Trade Blocks, Common Markets, Currency Unions and FDI Stocks : The Impacts of NAFTA and the EU
Barrell, Ray - 2018
as the European Union (EU) and the North American Free Trade Area (NAFTA) along with membership of the Currency Union … stocks. The findings imply that EU membership is a significant determinant of FDI even when we condition on the variables … intra EU FDI by up to 30 per cent in the long run. In addition, the findings point that the UK has no labour market or …
Persistent link: https://www.econbiz.de/10012921549
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The Common Currency Effect on International Trade : Evidence from an Accidental Monetary Union
Vicquéry Roger, Roger - 2022
I rely on a historical natural experiment to provide, for the first time, a causal estimate of the effect of currency unions on international trade. Since the seminal paper by Rose (2000), a large literature has developed around currencies as a trade cost. However, self-selection and endogeneity...
Persistent link: https://www.econbiz.de/10013306414
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Is there really a renminbi bloc in Asia?
Kawai, Masahiro; Pontines, Victor - 2014
This paper examines whether the renminbi (RMB) has supplanted the US dollar as the major anchor currency in the currency baskets of East Asian economies. First, we systematically demonstrate that existing techniques to address the problem of severe multicollinearity in estimations of the...
Persistent link: https://www.econbiz.de/10010251700
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Reserve Currency Blocs : A Changing International Monetary System?
Tovar, Camilo Ernesto - 2018
What is the extent of currency diversification in the international monetary system? How hasit evolved over time? In this paper, we quantify the degree of currency diversification usingregression methods of currency co-movements to determine the extent to which nationalcurrencies across the...
Persistent link: https://www.econbiz.de/10012927455
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Is There Really a Renminbi Bloc in Asia?
Kawai, Masahiro - 2014
This paper examines whether the renminbi (RMB) has supplanted the US dollar as the major anchor currency in the currency baskets of East Asian economies. It systematically demonstrates that existing techniques to address the problem of severe multicollinearity in estimations of the Frankel-Wei...
Persistent link: https://www.econbiz.de/10013057544
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The currency union effect : a PPML reassessment with high-dimensional fixed effects
Larch, Mario; Wanner, Joschka; Yotov, Yoto V.; Zylkin, … - 2017
Recent work on the effects of currency unions (CUs) on trade stresses the importance of using many countries and years in order to obtain reliable estimates. However, for large samples, computational issues limit choice of estimator, leaving an important methodological gap. To address this gap,...
Persistent link: https://www.econbiz.de/10011653596
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Southern African economic integration : evidence from an augmented gravity model
Warin, Thierry; Wunnava, Phanindra V.; Tengia, Optat; … - 2009
This paper investigates the feasibility of creating a common-currency union consisting of 16 countries in Southern Africa. We estimate an augmented-gravity model that includes public deficit, public debt, public expenditure, inflation, and the foreign reserves position. We also integrate...
Persistent link: https://www.econbiz.de/10003879350
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Southern African Economic Integration : Evidence from an Augmented Gravity Model
Warin, Thierry - 2009
This paper investigates the feasibility of creating a common-currency union consisting of 16 countries in Southern Africa. We estimate an augmented-gravity model that includes public deficit, public debt, public expenditure, inflation, and the foreign reserves position. We also integrate...
Persistent link: https://www.econbiz.de/10013157533