PL EN


2016 | 6 | 7-21
Article title

Has the Euro Led to the Trade Creation Effect?

Content
Title variants
PL
Czy euro wywołało efekt kreacji handlu?
Languages of publication
PL EN
Abstracts
EN
The aim of this article is to evaluate the changes in exports of goods between the euro area countries and non-euro member states between 1995 and 2014 with a particular attention to the potential impact of the single currency on these processes. The analysis was based on the literature review supported by using the export intensity index. The research suggests a possible appearance of small export intensification among the euro area members in the first years of the monetary union functioning (1998-2000). Then export intensity decreased and re-emerged during the financial crisis (2008-2014).When considering export intensity between different groups of countries, important changes seem to have taken place between the euro area countries and the new EU member states joining the European community in 2004. The euro area exports directed to the new EU countries accelerated mainly in the second half of the 1990s and during the financial turbulence after 2008.
PL
Celem artykułu jest ocena intensywności eksportu między krajami strefy euro i państwami spoza strefy euro w latach 1995-2014, ze szczególnym uwzględnieniem potencjalnego wpły-wu wspólnej europejskiej waluty na te procesy. Analiza została przeprowadzona na podstawie przeglądu literatury i uzupełniona oceną przemian wskaźnika intensywności eksportu. Badania wskazują na pojawienie się niewielkiego efektu euro wśród państw członkow-skich w pierwszych latach funkcjonowania wspólnej waluty (1998-2000). W latach 2001-2007 wpływ ten zanikł, a natężenie eksportu między krajami strefy euro zwiększyło się po-nownie w okresie kryzysu finansowego (2008-2014). Biorąc pod uwagę intensywność eks-portu między różnymi grupami krajów, wydaje się, że znaczące zmiany miały miejsce między krajami strefy euro a nowymi państwami członkowskimi, które przystąpiły do UE w 2004 r. Intensywność eksportu między strefą euro a nowymi krajami członkowskimi zwiększała się w drugiej połowie lat 90. i w okresie kryzysu finansowego.
Year
Issue
6
Pages
7-21
Physical description
Dates
published
2016-11-2016-12
Contributors
References
  • Altomonte C., Aquilante T., Ottaviano G.I.P., The Trigger of Competitiveness – The EFIGE Cross Country Report, “Bruegel Blueprint Series”, Vol. XVII, 2012.
  • Badinger H., Breuss F., Country size and the trade effects of the euro, “Review of World Economics”, Vol. 145(2), 2009.
  • Baldwin R., Di Nino V., Fontagné L., De Santis R., Taglioni D., Study on the impact of the Euro on trade and foreign direct investment, “European Economy, Economic Papers”, No. 321, 2008.
  • Baldwin R., Taglioni D., Gravity Chains: Estimating bilateral trade flows when parts and components trade is important, “Journal of Banking and Financial Economics”, No. 2(2), 2014, s. 61-82.
  • Bris A., Koskinen Y., Nilsson M., Euro and Corporate Financing, “Boston School of Management Research Paper Series”, No. 1, 2011.
  • Brzozowski M., Tchorek G., The “euro effect” and Outward Foreign Direct Investment, “Revista de Economía Mundial”, No. 45, forthcoming (2017).
  • Bun M.J.G., Klaassen F.J.G.M., Has the euro increased trade?, “Tinbergen Institute Discussion Paper”; No. 108/2, 2002.
  • Buongiorno J., Monetary union and forest products trade – The case of the euro, “Journal of Forest Economics” Vol. 21, 2015, s. 238-249.
  • Cieślik A., Michałek J.J., Mycielski J., Euro and trade flows in Central Europe, ”Equilibrium. Quarterly Journal of Economics and Economic Policy”, Vol. 7., No. 3, 2012, s. 7-25.
  • Cieślik A., Michałek J.J., Mycielski J., The Impact of the Common Currency on Exports of New EMU Members: Firm-level Evidence for Slovenia and Slovakia. “Equilibrium. Quarterly Journal of Economics and Economic Policy”, Vol. 8, No. 4, 2013, s. 7-23.
  • De Grauwe P., Mongelli F.P., Endogeneities of optimum currency areas: What brings countries sharing a single currency closer together?, “ECB Working Paper Series”, No. 468, 2005.
  • De Nardis S., De Santis R., Vicarelli C., The Single Currency’s Effects on Eurozone Sectoral trade: Winners and losers?, Economics - The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008.
  • De Sousa J., The currency union effect on trade is decreasing over time, “Economics Letters”, No. 117(3), 2012, s. 917-920.
  • Ekholm K., Forslid R., Markusen J.R., Export platform foreign direct investment, “Journal of the European Economic Association”, Vol. 5(4), 2007, s. 776-795.
  • Esteve-Pérez S., Gil-Pareja S., Llorca-Vivero R., MartínezSerrano J.A., The impact of the euro on firm export behaviour: does firm size matter?, ”Oxford Economic Papers”, Vol. 63(2), 2011, s. 355-374.
  • Faruqee M.H., Measuring the Trade Effects of EMU, “IMF Working Paper”, No. 04/154, 2004.
  • Festoc F., L’Oeillet G., Would the CEECs’ international trade be higher with Euro? Evidence from sectorial data, L’Institut de Recherche sur les Entreprises et les Administrations (IREA), Université de Bretagne, 2014.
  • Flam H., Nordström H., Euro Effects on the Intensive and Extensive Margins of Trade, “CESifo Working Paper”, No. 1881, 2006.
  • Fontange L., Ottaviano T.I.P., Of markets, products, prices, The effects of the euro on European firms, Bruegel Blueprint, No. 8, 2008.
  • Glick R., Rose A.K., Does a currency union affect trade?, The time-series evidence. “European Economic Review”, No. 46(6), 2002, s. 1125-1151.
  • Gómez-Herrera E., Baleix J.M., EMU impact of on third countries’ exports. A gravity approach, The Papers from Department of Economic Theory and Economic History of the University of Granada, No. 10/26, 2012.
  • Guillou S., Nesta L., Markup Heterogeneity, Export Status and the Establishment of the Euro, No. 2015-04, 2015, Groupe de Recherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  • Herwartz H., Weber H., The euro’s trade effect under cross-sectional heterogeneity and stochastic resistance. Technical report, “Kiel working paper”, No. 1631, 2010.
  • Iapadre L., Regional Integration Agreements and the Geography of World Trade: Statistical Indicators and Empirical Evidence, (w:) Assessment and Measurement of Regional Integration, De Lombaerde P. (ed.), Routledge, London 2006.
  • Jensen C., Formal Integration: FDI and trade in Europe, “Baltic Journal of Economics”, Vol. 5(1), 2004, s. 5-27.
  • Kojima K., The Pattern of International Trade among Advanced Countries, “Hitotsubashi Journal of Economics”, Vol. 5, Issue 1, 1964, s. 16-36.
  • Kunimoto K., Typology of Trade Intensity Indices, “Hitotsubashi Journal of Economics”, Vol. 17, 1977, s. 15-32.
  • Mancini-Griffoli T., Pauwels L.L., Is there a Euro effect on trade? An application of end-of-sample structural break tests for panel data, Manuscrit du HEI, 2006.
  • Martin J., Méjean I., Trade prices and the euro, Document de travail, CEPII, 2008.
  • Micco A., Stein E., Ordonez G., The Currency Union Effect on Trade: Early Evidence from EMU, “Economic Policy”, No. 18(37), 2003, s. 315-356.
  • Mroczek W., Wpływ wprowadzenia euro na stopień otwartości i zmiany strukturalne w handlu krajów strefy euro, (w:) Raport na temat pełnego uczestnictwa Rzeczypospolitej Polskiej w trzecim etapie Unii Gospodarczej i Walutowej, NBP, Warszawa 2009.
  • Murphy G., Siedschlag I., Has the euro boosted intraeuro area exports? Evidence from industry data, “Review of economics and institutions”, Vol. 2 (3), 2011.
  • Navaretti B., Bugamelli G.M., Schivardi F., Altomonte C., Horgos D., Maggioni D., The Global Operations of European Firms, “Bruegel Blueprint Series“, 2010.
  • Nitsch V., Pisu M., Scalpel please! dissecting the euro’s effect on trade, ETH Zurich and National Bank of Belgium, mimeo, 2008.
  • Pappalardo C., Vicarelli C., Euro introduction and the behaviour of Italian exporting firms, “Oxford Economic Papers”, gpw068, 2017,Published online.
  • Polyák O., Euro Adoption and Export: A Case Study of the Czech Republic, Slovakia and Old EU Member States. “Prague Economic Papers”, No. 4, 2016, s. 427-444.
  • Rose A.K., One Money, One Market: Estimating the Effect of Common Currencies on Trade, “Economic Policy”, No. 15(30), 2000, s. 9-45.
  • Rotili L., The Euro effects on intermediate and final exports, “Working Paper Series”, No. 7/2014, Dipartimendo Di Scienze Sociali Ed Economiche.
  • Scheiber T., Stern C., Currency substitution in CESEE: why do households prefer euro payments?, “Focus on European Economic Integration”, No. 4, 2016.
  • Taglioni D., Exchange Rate Volatility as a Barrier to Trade: New Methodologies and Recent Evidence, “Economie Internationale”, Vol. 89–90, 2002, s. 227–259.
Document Type
Publication order reference
Identifiers
ISSN
2084-2694
YADDA identifier
bwmeta1.element.desklight-bf24fa3a-2616-4e07-8c72-46027d208521
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.