One Money,one Market: A Revised Benchmark
The introduction of the euro generated substantial interest in measuring the impact of currency unions (CUs) on trade flows. Rose''s (2000) initial estimates suggested a tripling of trade and created a literature in search of ""more reasonable"" CU effects. A recent met...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/186 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The introduction of the euro generated substantial interest in measuring the impact of currency unions (CUs) on trade flows. Rose''s (2000) initial estimates suggested a tripling of trade and created a literature in search of ""more reasonable"" CU effects. A recent meta-analysis of this literature shows that subsequent papers quantify CU trade impacts at 30-90 percent. However, most recent studies use shorter time series and fewer countries than Rose in his original work. We revisit Rose''s original benchmark, extend the dataset, and address Baldwin''s (2006) critiques regarding the proper specification of gravity models in large panels by simultaneously accounting for multilateral resistance and unobserved bilateral heterogeneity. This produces a robust average CU trade effect of 45 percent. Yet, the trade impacts of individual CUs vary substantially and are generally lower than those of preferential trade agreements (PTAs). Our revised benchmark can be used as a yardstick for future studies to delineate how estimates differ due to new data or differences in econometric specifications |
| Beschreibung: | 1 Online-Ressource (23 p) |
| ISBN: | 1451873336 9781451873337 |
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| 520 | 3 | |a The introduction of the euro generated substantial interest in measuring the impact of currency unions (CUs) on trade flows. Rose''s (2000) initial estimates suggested a tripling of trade and created a literature in search of ""more reasonable"" CU effects. A recent meta-analysis of this literature shows that subsequent papers quantify CU trade impacts at 30-90 percent. However, most recent studies use shorter time series and fewer countries than Rose in his original work. We revisit Rose''s original benchmark, extend the dataset, and address Baldwin''s (2006) critiques regarding the proper specification of gravity models in large panels by simultaneously accounting for multilateral resistance and unobserved bilateral heterogeneity. This produces a robust average CU trade effect of 45 percent. Yet, the trade impacts of individual CUs vary substantially and are generally lower than those of preferential trade agreements (PTAs). Our revised benchmark can be used as a yardstick for future studies to delineate how estimates differ due to new data or differences in econometric specifications | |
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| series2 | IMF Working Papers |
| spelling | Henn, Christian Verfasser aut One Money,one Market A Revised Benchmark Henn, Christian Washington, D.C International Monetary Fund 2009 1 Online-Ressource (23 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/186 The introduction of the euro generated substantial interest in measuring the impact of currency unions (CUs) on trade flows. Rose''s (2000) initial estimates suggested a tripling of trade and created a literature in search of ""more reasonable"" CU effects. A recent meta-analysis of this literature shows that subsequent papers quantify CU trade impacts at 30-90 percent. However, most recent studies use shorter time series and fewer countries than Rose in his original work. We revisit Rose''s original benchmark, extend the dataset, and address Baldwin''s (2006) critiques regarding the proper specification of gravity models in large panels by simultaneously accounting for multilateral resistance and unobserved bilateral heterogeneity. This produces a robust average CU trade effect of 45 percent. Yet, the trade impacts of individual CUs vary substantially and are generally lower than those of preferential trade agreements (PTAs). Our revised benchmark can be used as a yardstick for future studies to delineate how estimates differ due to new data or differences in econometric specifications Online-Ausg Eicher, Theo S. Sonstige oth http://elibrary.imf.org/view/IMF001/10399-9781451873337/10399-9781451873337/10399-9781451873337.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Henn, Christian One Money,one Market A Revised Benchmark |
| title | One Money,one Market A Revised Benchmark |
| title_auth | One Money,one Market A Revised Benchmark |
| title_exact_search | One Money,one Market A Revised Benchmark |
| title_exact_search_txtP | One Money,one Market A Revised Benchmark |
| title_full | One Money,one Market A Revised Benchmark Henn, Christian |
| title_fullStr | One Money,one Market A Revised Benchmark Henn, Christian |
| title_full_unstemmed | One Money,one Market A Revised Benchmark Henn, Christian |
| title_short | One Money,one Market |
| title_sort | one money one market a revised benchmark |
| title_sub | A Revised Benchmark |
| url | http://elibrary.imf.org/view/IMF001/10399-9781451873337/10399-9781451873337/10399-9781451873337.xml |
| work_keys_str_mv | AT hennchristian onemoneyonemarketarevisedbenchmark AT eichertheos onemoneyonemarketarevisedbenchmark |