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The Welfare Gains of Trade Integration in the European Monetary Union


  • Céline Gimet

    () (Group for Economic Analysis and Theory (GATE) CNRS UMR 5824- University of Lyon, ENS Lettres et Sciences Humaines-Bureau R132-15 Parvis René Descartes BP 7000 69342 Lyon cedex 07)


This article focuses on the reaction of Asean economies to international financial shocks. The crises in emerging markets at the end of the last century underlined the vulnerability of emerging Asean economies to international financial fluctuations and a lack of sustainability in their exchange rate regime. A Structural VAR model is used to analyze the efficiency of the measures adopted by these countries, after this crisis episode, to protect their economies against speculative attacks. The results reveal that the impact of the current subprime crisis on emerging Asean countries is less significant than that observed in industrialized ones.

Suggested Citation

  • Céline Gimet, 2009. "The Welfare Gains of Trade Integration in the European Monetary Union," Working Papers 0928, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
  • Handle: RePEc:gat:wpaper:0928

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    References listed on IDEAS

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    More about this item


    Asean; fluctuations financières internationales; impact macro-économique; intégration régionale; modèle SVAR;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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