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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

Currency unions, trade, and heterogeneity

Chen, Natalie; Novy, Dennis - 2018

How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to the effect of currency unions on international trade. While we...

Persistent link: https://www.econbiz.de/10011867116

IMF's assistance : devil's kiss or guardian angel?

Brandes, Julia (contributor); Schüle, Tobias (contributor) - 2007

. Extending Morris and Shin (2006), we consider that the IMF's intervention policy usually exerts a signaling effect on private …'s signaling ability, our results state that repeated intervention is required to bail out a country, where by additional … assistance may induce moral hazard on the debtor side. Contrarily, if the IMF exerts a strong signaling effect, one single …

Persistent link: https://www.econbiz.de/10003636488

The EMU consolidation game - or: does 3.0 really mean 3.0?

Heinemann, Friedrich - 1998

Within the economic profession, it is a widely held view that the fiscal criteria of the Maastricht treaty are arbitrary numbers without economic foundation. Much of this criticism seems to overlook an important aspect - the strategic dimension of the criteria. This paper focuses on one...

Persistent link: https://www.econbiz.de/10011441024

Trade effects of monetary integration in large, mature economies : a primer on the European Monetary Union

Vinhas de Souza, Lúcio - 2002

The aim of this paper is to estimate the trade gains arising from the constitution ofa currency union for a set of economically large, developed nations who create a monetary union as a deliberate economic policy action: namely, for the members of the euro area. With a 1980-2001 sample, no...

Persistent link: https://www.econbiz.de/10011472291

Unconditional convergence in currency unions : an analysis of European regions from 1991 to 2009

Firgo, Matthias; Huber, Peter - 2013

We analyze unconditional within-country convergence from 1991 to 2009 in 21 European countries. Unlike most previous studies we focus on the heterogeneity of convergence. We find that convergence processes in currency unions are extremely heterogenous, highly discontinuous and strongly...

Persistent link: https://www.econbiz.de/10010424527