Currency unions and heterogeneous trade effects: the case of the Latin Monetary Union*

Abstract

views expressed in this manuscript are those of the author and do not necessarily represent the views of the Banco de España or the Eurosystem. I would like to express my gratitude to my advisors Stefano Battilossi and Pilar Nogues-Marco, and to Markus Lampe for their extensive and insightful comments and many discussions on early versions of this paper. I am also grateful to Antonio Tena for sharing his international trade database. I wish to thank the editors and participants of the EREH Fast Track Meeting for their detailed comments, particularly Dan Bogart, Joan Roses, Nikolaus Wolf and Neil Cummins. I also would like to thank

Chinese Exports and Non-Tariff Measures: Testing for Heterogeneous Effects at the Product Level

“…Rose (2017) and Glick and Rose (2016) recently summarized the results and provides new estimates for the entry and exit effects. For historical evidence on currency unions and trade see, i.a., Flandreau (2000), López-Córdova and Meissner (2003) and Timini (2018). 3) A precursor of this index was the TRI elaborated by the IMF in its review for the "Trade Liberalization in IMF-Supported Programs (EBS/97/163).…”

EMU and trade: A PPML re‐assessment with intra‐national trade flows

“…Aristotelous (2006) points out that, from a theoretical point of view, the potential differences across countries in the EMU effect on trade may arise from different trade compositions, different levels of development and integration or different degrees of trade openness among EMU countries. Finally, Timini (2018), in his historical analysis of the Latin Monetary Union, shows strong heterogeneous effects on trade, which may have occurred for a number of reasons, ranging from the structure of trade itself to finance and politics. Hence, a study of the impact of EMU across countries may be particularly interesting for both academic scholars and policymakers.…”

Currency Unions

“…29-31). It should be noted that certain features in the design of the LMU may have introduced frictions on cross-country coin circulation and thereby to some extent hamper the union's effect on trade (Timini 2018). Also, as explained above, the inclusion of capital flows not related to trade confirmed the existence of other economic rationales for the establishment of the LMU.…”