L'impact du régime de change sur les structures de production en Europe

Christian Aubin and Camelia Romocea Turcu

Revue française d'économie, 2013, vol. Volume XXVIII, issue 4, 113-144

Abstract: Two approaches are used to analyze the impact of exchange rate variability on countries? specialization : Krugman [1991] underlines a positive effect of monetary integration on specialization while Ricci [1997] considers exchange rate variability as enhancing specialization. In line with these analyses, we conduct a panel analysis on the EU27 countries (1993-2008). The results give a mixed picture : the link between specialization and exchange rate regimes is found to be significant but its sign differs according to sectoral disaggregation. We suggest an explanation, conciliating the two challenging analyses, based on the role of prices and the difference between inter-industry and intraindustry specialization.

Date: 2013
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