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The Impact of the Exchange Rate Regime on Exports: Evidence from the European Monetary System

Author

Listed:
  • Fountas, Stilianos

    (University of Macedonia)

  • Aristotelous, Kyriacos

    (Otterbein College)

Abstract

We employ the econometric techniques of multivariate cointegration and error-correction models to investigate the impact of the creation of the European Monetary System (EMS) on the volume of intra-European Union (EU) exports for eight EU countries. We find that for Ireland the EMS boosted the volume of intra-EU exports, whereas for Belgium, Denmark, and Germany, the EMS led to a decline in intra-EU exports. In the rest of the countries, there has not been a significant effect. Another important result is that, more often than not, the short-run impact of exchange rate volatility on the volume of intra-EU exports is insignificant.

Suggested Citation

  • Fountas, Stilianos & Aristotelous, Kyriacos, 2005. "The Impact of the Exchange Rate Regime on Exports: Evidence from the European Monetary System," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 20, pages 567-589.
    • Handle: RePEc:ris:integr:0330
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    Cited by:

    1. Pasrun Adam & Pasrun Adam & Rosnawintang Rosnawintang & Ambo Wonua Nusantara & Abd Aziz Muthalib, 2017. "A Model of the Dynamic of the Relationship between Exchange Rate and Indonesia's Export," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 255-261.
    2. Gil-Pareja, Salvador & Llorca-Vivero, Rafael & Martínez-Serrano, José Antonio, 2008. "Trade effects of monetary agreements: Evidence for OECD countries," European Economic Review, Elsevier, vol. 52(4), pages 733-755, May.
    3. Adedotun Joseph Adenigbo & Joash Mageto & Rose Luke, 2023. "Effect of shipping trade on economic growth in Nigeria: the Vector Error Correction Model (VECM) approach," Journal of Shipping and Trade, Springer, vol. 8(1), pages 1-18, December.
    4. Gil-Pareja, Salvador & Llorca-Vivero, Rafael & Martinez-Serrano, Jose Antonio, 2007. "Did the European exchange-rate mechanism contribute to the integration of peripheral countries?," Economics Letters, Elsevier, vol. 95(2), pages 303-308, May.

    More about this item

    Keywords

    Exchange rate regime; Exchange Rate Volatility; Exports; European monetary system;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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