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Trade effects of monetary agreements: Evidence for OECD countries
Authors:Salvador Gil-Pareja  Rafael Llorca-Vivero
Affiliation:University of Valencia Facultad de Economía, Departamento de Estructura Económica, Av. de los Naranjos s/n, C.P. 46022, Valencia, Spain
Abstract:
This paper analyses the effects of monetary agreements on trade flows using a sample of 25 OECD countries over the period 1950-2004. We find that these agreements have boosted intra-bloc trade. This result especially applies to the case of the euro. More importantly, in contrast to regional trade agreements, all monetary agreements analysed show evidence of trade-creating effects with third countries. Finally, only the euro shows a symmetric impact for the trade-creating effect with non-members, that is, using the euro promotes both the Eurozone's exports and its imports to non-Eurozone markets to a similar extent.
Keywords:F13   F15
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