http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
Do International Clearing Unions enhance trade? An empirical evaluation of the Asian Clearing Union
Vijay Singh Shekhawat,카트리아비니쉬 한양대학교 경제연구소 2019 JOURNAL OF ECONOMIC RESEARCH Vol.24 No.3
The Asian Clearing Union (ACU) is expected to enhance internationaltrade of its member countries without the need for them to holdexcessive international reserves, either as assurance or for externaltrade settlements. This study investigates the effect of ACU (havingnine members) on external trade using bilateral trade data of 963country pairs over a thirty three year period from 1980 to 2013. Accommodating the selection bias caused by zero trade observations,the results of various estimations including Heckman two-step andpseudo poisson maximum likelihood suggests that median tradegrowth within ACU is lower than their trade growth of the ACUmembers with non-members within a range of 45 to 68 percent. Results of the study can be generalized to indicate that a clearingsystem has the potential to obstruct trade in the absence of alternativechannels for settlements.