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Please use this identifier to cite or link to this item: http://hdl.handle.net/10481/31578

Title: EMU and intra-European trade: long-run evidence using gravity equations
Authors: Camarero, Mariam
Gómez-Herrera, Estrella
Tamarit, Cecilio
Issue Date: 2012
Abstract: In this article we present evidence of the long-run effect of the euro on exports for the twelve initial EMU countries for the period 1967-2008 from a double perspective. First, we pool all the bilateral combinations of export flows among the EMU countries in a panel cointegration gravity specification. Second, we estimate a gravity equation for each of the EMU-members vis-à-vis the other eleven partners. Whereas the joint gravity equation provides evidence on the aggregate effect of the euro on intra-European exports, by isolating the individual countries we assess which of them have obtained a larger benefit from the euro. Moreover, this strategy permits to check the robustness of the aggregate results and to find possible asymmetries. Finally, we repeat both the aggregated and individual analysis for the bilateral exports of EMU members to third countries. From an econometric point of view, we apply panel cointegration techniques based on factor models that account for cross-dependence and structural breaks.
Publisher: Universidad de Granada. Departamento de Teoría e Historia Económica
Series/Report no.: The Papers;10/25
Keywords: Gravity models
Exports
Euro
Panel cointegration
Structural breaks
Crossection dependence
URI: http://hdl.handle.net/10481/31578
Rights : Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License
Citation: Camarero, M.; Gómez-Herrera, E.; Tamarit, C. EMU and intra-European trade: long-run evidence using gravity equations. Universidad de Granada. Departamento de Teoría e Historia Económica (2012). (The Papers; 10/25). [http://hdl.handle.net/10481/31578]
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