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One money, one market: the effect of common currencies on trade
Open accessAbstract
Currency unions Their dramatic effect on international trade A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international trade. The panel data, bilateral observations for five years during 1970–90 covering 186 countries, includes 300+ observations in which both countries use the same currency. I find a large positive effect of a currency union on international trade, and a small negative effect of exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate regime. These effects, statistically significant, imply that two countries sharing the same currency trade three times as much as they would with different currencies. Currency unions like the European EMU may thus lead to a large increase in international trade, with all that that entails. — Andrew Rose
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Cited by
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Silva, J. M. C. S., & Tenreyro, S. (2006) · The Review of Economics and Statistics · doi:10.1162/rest.88.4.641 · Cited by 6,408
Anderson, J. E., & van Wincoop, E. (2004) · Journal of Economic Literature · doi:10.1257/0022051042177649 · Cited by 2,524
Estimating Trade Flows: Trading Partners and Trading Volumes *
Helpman, E., Melitz, M., & Rubinstein, Y. (2008) · Quarterly Journal of Economics · doi:10.1162/qjec.2008.123.2.441 · Cited by 2,436
Gravity Equations: Workhorse,Toolkit, and Cookbook
Head, K., & Mayer, T. (2014) · Handbook of International Economics · doi:10.1016/b978-0-444-54314-1.00003-3 · Cited by 1,565
Metadata
- Authors
- Rose, A. K.
- Venue
- Economic Policy
- Publisher
- Oxford University Press (OUP)
- Published
- 2000-04-01
- Volume
- 15
- Issue
- 30
- Pages
- 8-0
- ISSN
- 0266-4658 (ISSN-L)
- 1468-0327
- OpenAlex
- W1989930905
- Cited by
- 1,819
- References
- 0
- FWCI
- 162.58
- Type
- journal article
- Language
- en
- Open access
- green
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Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
