Regional and institutional heterogeneity matters! Revisiting trade effects of the euro |
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Authors: | Joan Costa-i-Font |
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Institution: | 1.London School of Economics and Political Science (LSE),London,UK |
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Abstract: | The creation of a single currency is deemed to produce further heterogeneity in regional trade, as regions differ in their
exposure to trade with other European countries. It is possible to disentangle two separate effects on bilateral trade, namely
the “exchange rate volatility effect” (from exchange rate fixing in 1999) and the pure “common currency effect” (resulting
from the issuing of a new currency in 2002). This paper presents an empirical analysis that shows evidence of a regional concentration
of currency union effects in a few Spanish regions. |
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