Autori
De Santis, Roberta
De Nardis, Sergio
Vicarelli, Claudio

Titolo
The Euro's effects on trade in a dynamic setting
Periodico
European Journal of Comparative Economics
Anno: 2008 - Volume: 5 - Fascicolo: 1 - Pagina iniziale: 73 - Pagina finale: 85

This paper provides an update on estimates of the euro effect on trade integration among EMU economies, taking into account the aggregate bilateral exports of 23 OECD countries for the sample period 1988-2004. We consider 13 exporting European countries and 23 importing industrialized countries We utilize the dynamic panel data estimator proposed by Blundell and Bond (1998) and introduce controls for heterogeneity. The results of our dynamic specification of the gravity equation yield an estimate of the short run intra-Eurozone pro-trade effect, following the adoption of the single currency, which is as high as around 4% (17% in the long run). This finding, slightly lower than the results set out in our previous studies, is in line with those of very recent empirical analyses using dynamic specification of the gravity equation. It is also consistent with the already tight trade links characterizing the economies that have adopted the euro.



SICI: 1824-2979(2008)5:1<73:TEEOTI>2.0.ZU;2-2
Testo completo: http://eaces.liuc.it/18242979200801/182429792008050104.pdf

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