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Apec: International Trade And Output

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  • Yutaka Kurihara

Abstract

This paper estimates the effect that the APEC 'currency union', loosely defined, has on trade and, via trade, on output per capita. A gravity model is used to measure the impact of exchange-rate variability on trade flows within APEC. The gain in trade flows from eliminating nominal exchange-rate variability through the formation of a currency union is less than 1%. Furthermore, every 1% increase in trade (relative to GDP) raises income per capita by roughly 0.3% for twenty years. Adopting the dollar currency union is much more profitable than adopting a yen currency union for each country in APEC. Copyright 2003 Blackwell Publishers Ltd (a Blackwell Publishing Company).

Suggested Citation

  • Yutaka Kurihara, 2003. "Apec: International Trade And Output," Pacific Economic Review, Wiley Blackwell, vol. 8(3), pages 207-217, October.
  • Handle: RePEc:bla:pacecr:v:8:y:2003:i:3:p:207-217
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    Cited by:

    1. Yutaka KURIHARA, 2011. "Introducing a Common Currency in Central Franc Zone: Is it Appropriate?," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 1(6), pages 1-11, October.
    2. Cardamone, Paola, 2007. "A Survey of the Assessments of the Effectiveness of Preferential Trade Agreements using Gravity Models," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 60(4), pages 421-473.

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