Measuring the trade effects of the euro in Central and Eastern Europe
AbstractWe study trade effects of the euro adoption in Central and Eastern Europe (CEE). We employ a gravity model that controls for an extended set of trade theory and policy variables. The gravity model is estimated using the panel data approach on a sample of Organisation for Economic Co-operation and Development (OECD) and CEE countries trading with the rest of the world during the period 1993--2008. We find that the adoption of the euro results in trade expansion for the CEE countries. This result is driven by elimination of exchange rate volatility and accession to the European Economic and Monetary Union (EMU). However, our forecasts show that this effect is short-lived.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal The Journal of International Trade & Economic Development.
Volume (Year): 21 (2012)
Issue (Month): 1 (November)
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Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=104717
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