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A Meta-Analysis of the Effect of Common Currencies on International Trade *

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Andrew K. Rose
T. D. Stanley

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Abstract

Thirty-four recent studies have investigated the effect of currency union on trade, resulting in 754 point estimates of this effect. This paper uses meta-analysis to combine, explain, and to summarize these disparate estimates of common currency trade effects. The hypothesis that there is no effect of currency union on trade is easily and robustly rejected at standard significance levels. Combining these estimates implies that a currency union increases bilateral trade by between 30 and 90%. Although there is evidence of publication selection, there is also evidence of a genuine positive trade effect beyond publication bias. Copyright Blackwell Publishers Ltd, 2005.

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Article provided by Blackwell Publishing in its journal Journal of Economic Surveys.

Volume (Year): 19 (2005)
Issue (Month): 3 (07)
Pages: 347-365
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Handle: RePEc:bla:jecsur:v:19:y:2005:i:3:p:347-365

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  15. Kari E.O. Alho, 2004. "A Gravity Model under Monopolistic Competition," Discussion Papers 962, The Research Institute of the Finnish Economy. [Downloadable!]
  16. Philip R. Lane, 2006. "The Real Effects of EMU," The Institute for International Integration Studies Discussion Paper Series iiisdp115, IIIS. [Downloadable!]
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  18. João Silvestre & António Mendonça & José Passos, 2007. "The Shrinking Endogeneity of Optimum Currency Areas Criteria: Evidence from the European Monetary Union – A Beta Regression Approach," Working Papers 2007/22, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon.. [Downloadable!]
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