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Trade effects of the euro adoption by the EU new member states

Author

Listed:
  • Andrzej Cieślik

    (University of Warsaw, Faculty of Economic Sciences)

  • Jan Jakub Michałek

    (University of Warsaw, Faculty of Economic Sciences)

  • Jerzy Mycielski

    (University of Warsaw, Faculty of Economic Sciences)

Abstract

In this paper we estimate the trade effects of the euro adoption in countries that joined the European Union in 2004. We employ a generalized gravity model that controls for an extended set of trade theory and policy variables. Trade theory variables include both the country size and factor proportion variables. Trade policy variables include the membership in GATT/WTO, CEFTA, OECD, EU and Europe agreements. The gravity model is estimated for the sample consisting of over 20 thousand country-pairs during the period 1990−2010 using the fixed effects estimator. It seems that elimination of exchange rate volatility resulted in trade expansion for the new member states but the accession to the Eurozone did not have positive effects on the volume of exports of the analyzed countries.

Suggested Citation

  • Andrzej Cieślik & Jan Jakub Michałek & Jerzy Mycielski, 2014. "Trade effects of the euro adoption by the EU new member states," Bank i Kredyt, Narodowy Bank Polski, vol. 45(4), pages 331-348.
    • Handle: RePEc:nbp:nbpbik:v:45:y:2014:i:4:p:331-348
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    Citations

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    Cited by:

    1. Piotr Gabrielczak & Tomasz Serwach, 2017. "Does the euro increase the complexity of exported goods? The case of Estonia," Lodz Economics Working Papers 4/2017, University of Lodz, Faculty of Economics and Sociology.
    2. Petra Cisková & Emília Zimková & Colin Lawson, 2021. "Visegrad trust in the European Central Bank: common and country specific determinants 2005–2018," Bank i Kredyt, Narodowy Bank Polski, vol. 52(6), pages 495-516.
    3. Piotr Gabrielczak & Tomasz Serwach, 2017. "The impact of the euro adoption on the complexity of goods in Slovenian exports," Lodz Economics Working Papers 3/2017, University of Lodz, Faculty of Economics and Sociology.
    4. Cieślik, Andrzej & Turgut, Mehmet Burak, 2021. "Fiscal harmonization in view of the Euro adoption: Economic implications for Poland," Journal of Policy Modeling, Elsevier, vol. 43(2), pages 394-415.
    5. Bąk Henryk & Maciejewski Sebastian, 2015. "Endogeneity and Specialization in the European Monetary Union," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 46(1), pages 7-40, June.
    6. Isaac Mensah, 2017. "The Euro's effect on trade: An analysis of “old" and “new" EMU members," FIW Working Paper series 179, FIW.
    7. Isaac Mensah, 2019. "The euro's effect on trade: an analysis of "old" and "new" EMU members," Review of Economics and Institutions, Università di Perugia, vol. 10(1).

    More about this item

    Keywords

    EU new member states; trade effects of euro; panel gravity model;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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