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dc.contributor.authorBröcker, Johannesen_US
dc.identifier.citation|tSpatial implications of the European Monetary Union |s3-88838-232-7 |bStudies in Spatial Development |x6 |nAkademie für Raumforschung und Landesplanung |lHannover |y2004 |p27-43en_US
dc.description.abstractThis paper estimates welfare effects resulting from reduced transaction costs in internationaltrade, using a static multiregional general equilibrium model. The kernel of themodel is the trade part specified in Dixit-Stiglitz-style. Interregional trade shows a gravitypattern due to transaction costs depending on distance. Transaction cost reductionsbrought about by EMU are based on econometric estimates by GLICK and ROSE, relyingon trade intensification following the establishment of other currency unions worldwide.According to our results EMU could imply a welfare gain for the participating countriesamounting to 1% of GDP annually. Our simulation results show that this concernthat the spatial effect of EMU might contradict the cohesion objectives of the EuropeanUnion is not to be substantiated. Regions close to the borders are supposed to have thehighest trade intensities with partner countries and therefore gain most from saving oftransaction costs in international trade.en
dc.publisher|aVerlag der ARL - Akademie für Raumforschung und Landesplanung |cHannoveren_US
dc.titleRegional welfare effects of the European Monetary Unionen_US
dc.typeBook Parten_US

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