The welfare gains of trade integration in the European monetary union
Stéphane Auray
- Fonction : Auteur
- PersonId : 1114037
Aurélien Eyquem
- Fonction : Auteur
- PersonId : 1092663
Jean-Christophe Poutineau
- Fonction : Auteur
- PersonId : 173590
- IdHAL : jean-christophe-poutineau
- ORCID : 0000-0002-0189-4195
- IdRef : 080208681
Résumé
This paper evaluates the welfare gains arising from deeper trade integration in the European Monetary Union. To do this, the European Monetary Union is represented in a realistic way by an intertemporal general equilibrium model with incomplete financial markets, sticky prices, and home bias in production. The model is estimated and not rejected by the data. Two main results emerge: (i) an increase in vertical trade (occuring at the early stage of the production process) implies welfare gains whereas (ii) an increase in horizontal trade (occuring at the late stage of the production process) implies welfare losses.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
The welfare gains of trade integration in the European monetary union
|
Résumé |
en
This paper evaluates the welfare gains arising from deeper trade integration in the European Monetary Union. To do this, the European Monetary Union is represented in a realistic way by an intertemporal general equilibrium model with incomplete financial markets, sticky prices, and home bias in production. The model is estimated and not rejected by the data. Two main results emerge: (i) an increase in vertical trade (occuring at the early stage of the production process) implies welfare gains whereas (ii) an increase in horizontal trade (occuring at the late stage of the production process) implies welfare losses.
|
Auteur(s) |
Stéphane Auray
1
, Aurélien Eyquem
2
, Jean-Christophe Poutineau
3
1
EQUIPPE -
Economie Quantitative, Intégration, Politiques Publiques et Econométrie
( 39818 )
- Lille 1 : Université des Sciences et Technologies de Lille Cité Scientifique, Faculté d'Economie et de Sciences Sociales, Bâtiment SH2 - 59655 Villeneuve d'Ascq Cedex Lille 2 : Faculté des Sciences Juridiques, Politiques et Sociales 1, place Déliot - BP 629 - 59024 Lille Cedex Université Charles-de-Gaulle - Lille 3 Domaine universitaire du Pont de Bois Maison de la Recherche rue du Barreau - BP 60149 - 59653 Villeneuve d'Ascq Cedex
- France
2
GATE Lyon Saint-Étienne -
Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne
( 102550 )
- 93, chemin des Mouilles 69130 Écully
6, rue Basse des Rives 42023 Saint-Étienne cedex 02
- France
3
CREM -
Centre de recherche en économie et management
( 894 )
- 7 place Hoche, BP 86514
35065 RENNES CEDEX
- France
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Langue du document |
Anglais
|
Nom de la revue |
|
Audience |
Internationale
|
Date de publication |
2010
|
Volume |
14
|
Numéro |
5
|
Page/Identifiant |
645-676
|
Domaine(s) |
|
Mots-clés |
en
Monetary union, trade integration, inflation differentials, welfare analysis
|
DOI | 10.1017/S1365100509090440 |
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