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Monetary Unions and Hard PegsEffects on Trade, Financial Development, and Stability$
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Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz

Print publication date: 2004

Print ISBN-13: 9780199271405

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199271402.001.0001

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The Effect of Common Currencies on International Trade: A Meta-Analysis

The Effect of Common Currencies on International Trade: A Meta-Analysis

(p.101) 7 The Effect of Common Currencies on International Trade: A Meta-Analysis
Monetary Unions and Hard Pegs

Andrew K. Rose

Oxford University Press

Nineteen recent studies have already investigated the effect of currency union on trade, resulting in 383 point estimates of the effect. In an attempt to summarize the current state of the debate, meta-analysis is used here to combine the disparate estimates. The chief findings are that (a) the hypothesis that there is no effect of currency union on trade can be rejected at standard significance levels, (b) the combined estimate implies that currency union approximately doubles trade, and (c) the estimates are heterogeneous and not consistently tied to features of the studies.

Keywords:   currency union, currency-union effect on trade, meta-analysis, test of estimates, trade creation

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