| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP12954
|
| DP12954 Currency Unions, Trade, and Heterogeneity |
| Natalie Chen; Dennis Novy
|
| 发表日期 | 2018-05-27
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to the effect of currency unions on international trade. While we estimate that currency unions are associated with a trade increase of around 38 percent on average, we find substantial underlying heterogeneity. Consistent with the predictions of our framework, we find effects around three times as strong for country pairs associated with small import shares, and a zero effect for large import shares. Our results imply that conventional homogeneous currency union estimates do not provide helpful guidance for countries considering to join a currency union. Instead, countries need to take into account the distribution of their trade shares to assess the impact of trade costs. |
| 主题 | International Macroeconomics and Finance
; International Trade and Regional Economics
|
| 关键词 | Currency unions
Euro
Gravity
Heterogeneity
Trade costs
Trade elasticity
Translog
|
| URL | https://cepr.org/publications/dp12954
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541763
|
推荐引用方式
GB/T 7714 |
Natalie Chen,Dennis Novy. DP12954 Currency Unions, Trade, and Heterogeneity. 2018.
|
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