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Readdressing the Trade Effect of the Euro

其他書名	Allowing for Currency Misalignment
出版	SSRN, 2010
URL	http://books.google.com.hk/books?id=a2HCzQEACAAJ&hl=&source=gbs_api

註釋We know that euro-area member countries have absorbed asymmetric shocks in ways that are inconsistent with a common nominal anchor. Based on a reformulation of the gravity model that allows for such bilateral misalignment, we disentangle the conventional trade cost channel and trade effects deriving from “implicit currency misalignment”. Econometric estimation reveals that the currency misalignment channel exerts a significant trade effect on bilateral exports. We retrieve country specific estimates of the euro effect on trade based on misalignment. This reveals asymmetric trade effects and heterogeneous outlooks across countries for the costs and benefits from adopting the euro.