The Impact Of Euro On Emu Trade
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The Impact Of Euro On Emu Trade
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Author : Claudio Vicarelli
language : en
Publisher:
Release Date : 2003
The Impact Of Euro On Emu Trade written by Claudio Vicarelli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
We investigate the impact of the euro adoption on commercial transactions of EMU countries. We refer to the abundant gravity-model literature about the effect of Currency Unions on trade originated by Rose (2000). We adapt this kind of modelling to the specific case of the European Monetary Union drawing from former literature some guidelines summed up as follows: distinction of "pure" common currency from exchange rate volatility effect; selection of sample countries strictly focused on EMU economies; consideration of time as well as space dimension; inclusion of other political factors promoting integration. We add to these provisions the observation that the panel estimation of the gravity equation must be dynamic, because EMU is a young phenomenon; short run effects, like trade persistence, can hence play a crucial role. Our main finding is that the euro adoption has had a positive but not exorbitant impact on bilateral trade of European countries (the estimated percentage increase ranges between 2.6 and 6.3%), much lower than that derivable from Rose's estimates referred to a larger and heterogeneous set of countries (providing a trade increase following the adoption of a common currency by as much as 200%). Our results refer to short-run impacts; long-run effects could be stronger (but, in our opinion, not by the order of a double or a trebling effect indicated in the existing literature on currency unions), particularly if the structural change implied by the new currency regime (a fraction of foreign trade is potentially equivalent to domestic trade) becomes completely interiorised in the perception and the behaviour of Euroland citizens.
The Impact Of The Euro And The Emu On Intra Euro Area Trade Fdi And The Euro Area Balance Of Payments
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Author : Martin Pfleger
language : en
Publisher: GRIN Verlag
Release Date : 2010-06-29
The Impact Of The Euro And The Emu On Intra Euro Area Trade Fdi And The Euro Area Balance Of Payments written by Martin Pfleger and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-29 with Business & Economics categories.
Bachelor Thesis from the year 2010 in the subject Economics - Monetary theory and policy, grade: 1, University of applied sciences, language: English, abstract: Although the Euro has already been introduced as an official currency more than 10 years ago, the opinions of its effects so far and its future implications on the participating countries still vary dramatically. In this study, the author analyzes the effects of the Euro and the European Monetary Union on intra-Euro area trade, foreign direct investment inflows into the Euro area, and the balance of payments of the 11 original Euro member countries. This paper starts with an investigation of the historical development of the Euro and the European Monetary Union and an explanation of the terms intra European trade, foreign direct investment, and the balance of payments. By comparing results from prior literature and using data from international institutions, the results show that intra Euro area trade and foreign direct investment inflows into the Euro area have increased and that the Euro area balance of payments is developing towards less surpluses and perhaps even deficits on the current account. On the basis of these findings, the author reasons that the Euro area has become a more attractive place in which to invest which eventually may lead to constant future current account deficits of the Euro area.
Emu
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Author : Richard Baldwin
language : en
Publisher: Wiley-Blackwell
Release Date : 2004-01-26
Emu written by Richard Baldwin and has been published by Wiley-Blackwell this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-26 with Business & Economics categories.
This is the first book to investigate how the Euro has affected trade, financial markets, macroeconomic policy making and Europe’s economic performance since it came into operation in January 1999. Features eight studies by leading European and North American economists. Covers topics such as inflation measurement, price stability, fiscal policies and monetary policy. Also looks at economic conditions and prospects outside the Eurozone. Presents essential information in non-technical language.
Measuring The Trade Effects Of Emu
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Author : Mr.Hamid Faruqee
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-08-01
Measuring The Trade Effects Of Emu written by Mr.Hamid Faruqee and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-08-01 with Business & Economics categories.
This paper examines the impact of European Economic and Monetary Union (EMU) on trade within the euro area. Using panel data for 22 industrial countries, the analysis estimates the effect of the euro's arrival on area-wide trade compared to bilateral trade flows between other industrial countries. Controlling for other influences according to the "gravity" model of trade, the panel analysis employs cointegration techniques to obtain reliable point estimates of EMU trade effects. Cross-country differences with respect to EMU trade gains and underlying factors accounting for these differences are also further explored.
A Match Made In Maastricht
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Author : Joseph Kopecky
language : en
Publisher:
Release Date : 2022
A Match Made In Maastricht written by Joseph Kopecky and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Why do estimates of the European Monetary Union (EMU) effect on trade vary so greatly? Rose (2017) shows that the largest factor determining the size of EMU trade estimates is the choice of sample, with studies using only European or rich countries finding smaller impacts than those using more complete trade datasets. I push this question one step further, asking instead: what is the appropriate comparison group with which to study the euro's trade impact? Using a first stage estimation of selection into the EMU and a robust propensity score weighting estimator, I show that gravity estimates of the euro effect on trade are smaller when sample restriction and weighting brings the differences in observable characteristics between EMU and non-EMU pairs close to zero. Utilizing a Poisson pseudo-maximum likelihood approach, I find that estimates using this more robust estimator reflect the same pattern, but with significantly less initial upward bias. My work suggests that policy analysis in trade should be more careful to consider the comparability of “treated” and “control” observations, and more readily utilize propensity score methods as a data driven approach to re-balancing samples when differences across these groups are large.
Emu And Trade
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Author : Great Britain. Treasury
language : en
Publisher:
Release Date : 2003
Emu And Trade written by Great Britain. Treasury and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
This publication is part of a set of 18 documents which have been prepared by H.M. Treasury to inform the assessment of the Government's five economic tests for Economic and Monetary Union (EMU) entry into the euro area. It considers the extent to which UK trade with the euro area economies might be increased through participation in EMU, and the potential impact on UK output and income over the longer-term. It is most relevant to the fifth of the economic tests relating to the assessment of growth, stability and jobs; as well as the first and third tests regarding convergence and investment.
Weak Dollar Strong Euro
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Author : C. Fred Bergsten
language : en
Publisher:
Release Date : 1998
Weak Dollar Strong Euro written by C. Fred Bergsten and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Euro categories.
According to Fred Bergsten, the euro is set to topple the dollar from its position as dominant global currency, or at least match it. He suggests that the combination of EU governments pursuing quite lax fiscal policies, and a European Central Bank keen to assert its anti-inflationary credentials will drive up the value of the euro. International investors will shift billions of dollars into euros, provoking exchange-rate fluctuations and new protectionist pressures on both sides of the Atlantic. Bergsten argues the case for exchange rate targets as a means of ensuring some stability among the world's major currencies.
The Trade Impact Of China On Emu
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Author : Mr.Uffe Mikkelsen
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-01
The Trade Impact Of China On Emu written by Mr.Uffe Mikkelsen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-01 with Business & Economics categories.
This paper investigates the asymmetries in trade spillovers from sector-specific technology shocks in China to selected euro area countries. We use a Ricardian-gravity trade model to estimate sectoral competitiveness in individual euro area countries. Simulations on the impact of productivity shocks in Chinese textiles and machinery suggest that the required adjustment in wages, prices, and factor re-allocation is widely heterogenous across euro area countries on accounts of their different specialization patterns. This raises the question of the distribution of gains and losses from external trade shocks.
Study On The Impact Of The Euro On Trade And Foreign Direct Investment
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Author : Richard E. Baldwin
language : en
Publisher:
Release Date : 2008
Study On The Impact Of The Euro On Trade And Foreign Direct Investment written by Richard E. Baldwin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business categories.
Recoge: 1. Introduction - 2. The essential toolkit: gravity equation theory and econometrics - 3. Trade pricing effects of the euro - 4. Firm level evidence on the euro's trade effect - 5. The newly-traded goods hypothesis: evidence from the trade data - 6. The impact of the euro on foreign direct investment and cross-border mergers and acquisitions - 7. Discussion of channels and the specific questions - 8. Concluding remarks.
The Euro S Effects On Trade In A Dynamic Setting
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Author : Sergio de Nardis
language : en
Publisher:
Release Date : 2007
The Euro S Effects On Trade In A Dynamic Setting written by Sergio de Nardis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
This paper provides an update of de Nardis and Vicarelli (2003) estimates of the euro effect on trade integration of EMU economies, taking into account aggregate bilateral exports of 23 OECD countries for the sample period 1988-2003. In this paper we utilize the dynamic panel data estimator proposed by Blundell and Bond (1998) and introduce controls for heterogeneity. The results of our dynamic specification of the gravity equation lead to an estimate of the intra-Eurozone pro-trade effect, following the adoption of the single currency, as high as around 4%. This finding, slightly lower than the previous work results, is in line with very recent empirical literature using dynamic specification of gravity equation. It is also consistent with the already tight trade links characterizing the economies that embraced the euro and with the possibility that the trade impact involved the introduction of new goods rather than the expansion, due to lower transaction costs, of the incumbent products.