Trade blocs, currency blocs and the reorientation of world trade in the 1930s

Eichengreen, Barry; Irwin, Douglas A.

doi:10.1016/0022-1996(95)92754-p

Cited by 341 publications

(192 citation statements)

References 5 publications

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“…In gravity model literature, one of the approaches to the treatment of the missing and zero type observations in estimation is omitting those observations and running regression using the remaining observations. A second approach is applying 'scaled' ordinary least squares (OLS), in which prior to taking logarithms, one is added to the variable that suffers from zero or missing observations as in Eichengreen and Irwin (1995). Alternatively, the transformed specification is estimated using Tobit as in Rose (2004), Dedeoğlu and Genç IZA Journal of Development and Migration (2017) 7:17 Page 11 of 19 Soloaga and Winters (2001).…”

Section: Model Data and Estimation Methodsmentioning

confidence: 99%

Turkish migration to Europe: a modified gravity model analysis

Dedeoğlu

Genç

2017

IZA J Develop Migration

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This study specifies and applies a gravity model to provide empirical evidence on determinants of emigration from Turkey to 31 destination European countries over the period between 1960 and 2013. Results under alternative estimation strategies show that economic, demographic and cultural factors have significant influence on migration decision to the destination countries. The model has explanatory power and is useful for testing the given hypothesized determinants of migration from Turkey to 31 European countries from perspective of the country of origin. JEL Classification: F22, F14, C33

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Section: Model Data and Estimation Methodsmentioning

confidence: 99%

Turkish migration to Europe: a modified gravity model analysis

Dedeoğlu

Genç

2017

IZA J Develop Migration

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“…3 See Estevadeordal et al (2003) and Lopez-Cordova and Meissner (2004). See also Eichengreen and Irwin (1995) and Ritschl and Wolf (2003) for discussion of the interwar years. 4 Frankel and Wei (1993) used a gravity model that included exchange rate volatility as a regressor, but their results suggest a limited role of exchange rate volatility on trade.…”

Section: Introductionmentioning

confidence: 99%

Fixed exchange rates and trade

Klein

Shambaugh

2006

Journal of International Economics

135

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Abstract:A classic argument for a fixed exchange rate is its promotion of trade. Empirical support for this, however, is mixed. While one branch of research consistently shows a small negative effect of exchange rate volatility on trade, another, more recent, branch presents evidence of a large positive impact of currency unions on trade. This paper helps resolve this disconnect. Our results, which use a new data-based classification of fixed exchange rate regimes, show a large, significant effect of a fixed exchange rate on bilateral trade between a base country and a country that pegs to it. Furthermore, the web of fixed exchange rates created when countries link to a common base also promotes trade, but only when these countries are part of a wider system, as during the Bretton Woods period. These results suggest an economically relevant role for exchange rate regimes in trade determination since a significant amount of world trade is conducted between countries with fixed exchange rates.

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“…Baldwin (1994) concluded that zero values do not have much impact on empirical results. The second alternative is to scale the dependent variable with a certain value, as done by Eichengreen and Irwin (1995). Moreover, some authors, including Rose (2004) and Soloaga and Winters (2001), have used the Tobit model (censored regression) in the presence of zero values in the data set.…”

Section: Methodological Aspectsmentioning

confidence: 99%

Liberalization and FDI Performance: Evidence from ASEAN and SAFTA Member Countries

Ullah

Inaba

2014

Economic Structures

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The developing and least developed countries in the South and Southeast Asia have emerged as dynamic hosts of foreign direct investment; and inbound FDI growth surpassed that of the developing world during the decade 2001-2010. Yet foreign investment continues to flow quite unevenly into individual countries in the region, although majority of the Asian countries do emphasize liberalization unilaterally, bilaterally under the bilateral investment treaty (BIT) and the bilateral trade agreement (BTA), and regionally under the regional trade agreement (RTA). Under such scenarios, this study empirically assesses FDI determinants with a specific focus on the FDI effects of BIT, BTA, and RTA as well as of factors pertaining to institutional quality. Gravity-type econometric results of unbalanced panel data uncover that BIT, BTA, and RTA promote FDI insignificantly. It appears that the role of bilateral instruments in stimulating the inflow of foreign capital diminishes if liberal FDI policies already exist in the host country. Under such circumstances, the quality of the host country's legal and regulatory environment exerts a profound influence on firms' investment decisions. Nonetheless, core gravity variables are found to be important determinants of FDI.

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Trade blocs, currency blocs and the reorientation of world trade in the 1930s

Cited by 341 publications

References 5 publications

Turkish migration to Europe: a modified gravity model analysis

Turkish migration to Europe: a modified gravity model analysis

Fixed exchange rates and trade

Liberalization and FDI Performance: Evidence from ASEAN and SAFTA Member Countries

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