Adam, Christopher; Cobham, David - Centre for Economic Reform and Transformation, School … - 2005
Reinhart and Rogoff (2004), on bilateral trade. The results indicate that, while participation in a common currency union is … uncertainty and transactions costs associated with international trade between countries are significantly more pro-trade than the … and transactions costs tend to outweigh the trade-diverting substitution effects. In addition, there is evidence that …