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Aristotelous, Kyriacos,Fountas, Stilianos 세종대학교 국제경제연구소 2000 Journal of Economic Integration Vol.15 No.3
In this paper, we investigated the impact of the creation of the European Monetary System (EMS) on the exports of the four largest EU countries (France, Germany, Italy and UK) to each other. Our findings suggest that the EMS boosted bilateral trade in the cases of Germany's exports to Italy and Italy's exports to the UK and influenced negatively the volume of exports between France and Germany. The EMS had no significant impact on export volumes in the rest of bilateral trade relationships examined. Additionally, we found that exchange rate volatility more often than not had an insignificant effect on the volume of intra-EU exports.
The Impact of the Exchange Rate Regime on Exports: Evidence from the European Monetary System
( Stilianos Fountas ),( Kyriacos Aristotelous ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2005 Journal of Economic Integration Vol.20 No.3
We employ the econometric techniques of multivariate cointegration and error-correction models to investigate the impact of the creation of the European Monetary System (EMS) on the volume of intra-European Union (EU) exports for eight EU countries. We find that for Ireland the EMS boosted the volume of intra-EU exports, whereas for Belgium, Denmark, and Germany, the EMS led to a decline in intra-EU exports. In the rest of the countries, there has not been a significant effect. Another important result is that, more often than not, the short-run impact of exchange rate volatility on the volume of intra-EU exports is insignificant.