The Impact of the Exchange Rate Regime on Exports: Evidence from the European Monetary System

Stilianos Fountas and Kyriacos Aristotelous ()
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Kyriacos Aristotelous: Otterbein College, Postal: Department of Business, Accounting and Economics, Otterbein, College. One Otterbein, Westerville, OH 43081, USA,

Journal of Economic Integration, 2005, vol. 20, 567-589

Abstract:

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.

Keywords: Exchange rate regime; Exchange Rate Volatility; Exports; European monetary system (search for similar items in EconPapers)
JEL-codes: F14 F33 (search for similar items in EconPapers)
Date: 2005
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Working Paper: The Impact of the Exchange Rate Regime on Exports: Evidence from the European Monetary System (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:integr:0330

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