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October 23, 2013

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I know this is an old post, but having started a book by Kenen and Meade on regional monetary integration I came across a point in the book that brought me back to this post. It was noted, therein, that some earlier works by Rose in 2000, 2002 (with Glick) and 2004 which had shown that pairs of countries sharing a currency trade more heavily with each other than other country pairs had been criticized because those works did not include the euro (so 2013 must seem like deja vu to Rose). At the time the EMU was only just beginning and so was not covered in the period of his data set. But later work by Micco, Stein and Ordoñez (see here: http://faculty.haas.berkeley.edu/arose/MSOIADBEMU.pdf) addressed euro EMU countries specifically and seemed to find a similar effect as Rose had earlier for other currency union, but with lessened effect.

It makes me wonder if any other research (already concluded, ongoing or not yet started) would show that the euro would have had no systematic effect on macroeconomic performance of the European countries involved in the euro.....

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