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Euro And Trade Flows In Central Europe

Author

Listed:
  • Andrzej Cieslik

    (University of Warsaw, Poland)

  • Jan Jakub Michalek

    (University of Warsaw, Poland)

  • Jerzy Mycielski

    (University of Warsaw, Poland)

Abstract

In this paper we estimate the trade effects of the euro adoption in Central European countries using a modified gravity model. In particular, we analyze the ex post implications of accession of Slovenia and Slovakia to the Eurozone. We employ a gravity model that controls for an extended set of trade theory and policy variables. Trade theory variables include both the country size and factor proportion variables. Trade policy variables include the membership in GATT/WTO, CEFTA, OECD, EU and Europe Agreements. The gravity model is estimated using the panel data approach on a sample of CEE countries trading with the rest of the world during the period 1992-2009 using the fixed effects, random effects and Hausman-Taylor estimators. It seems that elimination of exchange rate volatility resulted in trade expansion for the CEE countries but the accession to the Eurozone did not have any significant effects on exports of Slovakia and Slovenia.

Suggested Citation

  • Andrzej Cieslik & Jan Jakub Michalek & Jerzy Mycielski, 2012. "Euro And Trade Flows In Central Europe," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 7(3), pages 7-25, September.
    • Handle: RePEc:pes:ierequ:v:7:y:2012:i:3:p:7-25
    DOI: 10.12775/EQUIL.2012.016
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    Citations

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    Cited by:

    1. Andrzej Cieslik & Jan Michalek & Anna Michalek, 2013. "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, Institute of Economic Research, vol. 8(4), pages 7-23, December.
    2. Cieślik Andrzej & Michałek Jan & Michałek Anna, 2014. "Does the Common Currency Increase Exports? Evidence from Firm-Level Data," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 41(1), pages 8-22, March.

    More about this item

    Keywords

    Central Europe; exports; euro; volume of trade;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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