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Are There Differences Across Countries Regarding the Effect of Currency Unions on Trade? Evidence from EMU

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  • KYRIACOS ARISTOTELOUS

Abstract

This article investigates the effect of EMU on the bilateral trade of each EMU country with the rest of the euro area using pooled data in the context of an augmented gravity model. Using the fixed effect in the pooled data, the empirical results indicate that EMU's effect on trade differs across euro area countries. For Belgium/Luxembourg, Finland, Germany, Ireland, the Netherlands, Portugal and Spain the effect is positive and statistically significant, whereas in the cases of Austria, France and Greece, it is negative and statistically significant. For Italy, EMU's effect on its trade with the rest of the euro area is positive but not statistically significant.

Suggested Citation

  • Kyriacos Aristotelous, 2006. "Are There Differences Across Countries Regarding the Effect of Currency Unions on Trade? Evidence from EMU," Journal of Common Market Studies, Wiley Blackwell, vol. 44(1), pages 17-27, March.
    • Handle: RePEc:bla:jcmkts:v:44:y:2006:i:1:p:17-27
    DOI: 10.1111/j.1468-5965.2006.00612.x
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    Cited by:

    1. Silviano Esteve‐Pérez & Salvador Gil‐Pareja & Rafael Llorca‐Vivero & José Antonio Martínez‐Serrano, 2020. "EMU and trade: A PPML re‐assessment with intra‐national trade flows," The World Economy, Wiley Blackwell, vol. 43(10), pages 2574-2599, October.
    2. Andrew K. Rose, 2017. "Why do Estimates of the EMU Effect on Trade Vary so Much?," Open Economies Review, Springer, vol. 28(1), pages 1-18, February.
    3. Francesco Pastore, 2015. "The European Youth Guarantee: labor market context, conditions and opportunities in Italy," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 4(1), pages 1-22, December.
    4. Silviano Esteve-Pérez & Salvador Gil-Pareja & Rafael Llorca-Vivero & Jordi Paniagua, 2021. "Has the Euro paid off? A study of the trade-induced welfare effects of the EMU," Working Papers 2103, Department of Applied Economics II, Universidad de Valencia.
    5. Tomáš Havránek, 2010. "Rose effect and the euro: is the magic gone?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 146(2), pages 241-261, June.
    6. Nadine Behncke, 2013. "Assessing the impact of European Integration on sectoral trade in services," FIW Working Paper series 109, FIW.
    7. Tomáš Havránek, 2009. "Rose Effect and the Euro: The Magic is Gone," Working Papers IES 2009/20, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2009.
    8. María Santana-Gallego & Francisco Ledesma-Rodríguez & Jorge Pérez-Rodríguez, 2016. "The euro effect: Tourism creation, tourism diversion and tourism potential within the European Union," European Union Politics, , vol. 17(1), pages 46-68, March.
    9. Timo Tohmo & Kari Heimonen & Mika Nieminen, 2021. "Effects of the European Monetary Union on High-Technology Exports," Journal of Industry, Competition and Trade, Springer, vol. 21(2), pages 251-285, June.

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