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Berger, Helge ;  Nitsch, Volker ;  Universität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft

Main titleZooming out
Subtitlethe trade effect of the EURO in historical perspective
AuthorBerger, Helge
AuthorNitsch, Volker
InstitutionUniversität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft
No. of Pages35 S.
Series Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft ; 2005/5 : Volkswirtschaftliche Reihe
Keywordsmonetary union, currency, euro, trade, European integration
Classification (DDC)330 Economics
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AbstractIn 1999, eleven European countries formed the Economic and Monetary Union (EMU); they abandoned their national currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by itself) to a sizable and statistically significant increase in trade between the member countries of EMU. In this paper, we put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or culmination) of a series of previous policy changes that have ledover the last five decades to greater economic integration among the countries that now constitute EMU. Using a data set that includes 22 industrial countries from 1948 to 2003, we find strong evidence of a gradual increase in trade intensity between European countries. Once we control for this trend in trade integration, the euro’s impact on trade disappears. Moreover, a significant part of the trend in European trade integration is explained by measurable policy changes.
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FU DepartmentDepartment Business and Economics
Year of publication2005
Type of documentBook
LanguageEnglish
Terms of use/Rights Nutzungsbedingungen
Created at2008-06-19 : 09:14:56
Last changed2014-01-23 : 04:20:04
 
Static URLhttp://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000000342
ISBN3-938369-04-3
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