Monetary union, trade integration, and business cycles in 19th century Europe

Open Economies Review

Volumn 16, Issue 2, 2005, Pages 135-152

  Flandreau, Marc ^a,c,d   Maurel, Mathilde ^b,e  

^a SCIENCES PO   (France)

^b CNRS ROSES   (France)

^c OFCE   (France)

^d LEHMAN BROTHERS   (United States)

^e CEPR   (France)

Author keywords

Business cycles; Endogeneity; Monetary union; Optimum currency areas; Trade

Indexed keywords

ECONOMIC HISTORY; ECONOMIC INTEGRATION; NINETEENTH CENTURY;

EASTERN HEMISPHERE; EURASIA; EUROPE; WORLD;

EID: 17844368895     PISSN: 09237992     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11079-005-5872-4     Document Type: Article

References (44)

1. Anderson, James E. and Van Wincoop Eric (2003) "Gravity with Gravitas; A Solution to the Border Puzzle." American Economic Review 93(1):170-192.
2. A'Hearn, Brian and Ulrich Woitek (2001) "More International Evidence on the Historical Properties of Business Cycles." Journal of Monetary Economics 47:321-346.
3. I. Angeloni A. Kashyap and B. Mojon 2003 Monetary Policy Transmission in the Euro Area Cambridge University Press Cambridge
4. Asdrubali, Pierfederico, Bent E. Sorensen and Oved Yosha (1996) "Channels of Interstate Risk Sharing: United States 1963-1990." Quarterly Journal of Economics 1081-1110.
5. Bairoch, P. (1989) "European Trade Policy." Cambridge Economic History of Europe 1-160.
6. Bordo, Michael and Anna Schwartz (1997) "Monetary Policy Regimes and Economic Performance: The Historical Record." NBER Working Paper 6201, p. 83.
7. Clark, T.E. and E. van Wincoop (2000) "Borders and Business Cycles." FRBNY manuscript.
8. De Ménil, G. and M. Maurel (1994) "Breaking Up a Custom Union: The Case of the Austro-Hungarian Empire in 1919." Weltwirtschaftliches Archiv, Band 130, Heft 3:553-575.
9. Eichengreen, Barry (1992) "Should the Maastricht Treaty Be Saved?." Princeton Studies in International Finance, No. 74, International Finance Section, Princeton University, December.
10. Einaudi, Luca (2001) Money and Politics. Oxford University Press.
11. Engel, C and A. Rose (2002) "Currency Unions and International Integration" Journal of Money, Credit and Banking 34(4):1067-1089.
12. European Commission (1989) One Money, One Market. Oxford.
13. Fatas, Antonio and Andrew Rose (2001) "Do Monetary Handcuffs Restrain Leviathan? Fiscal Policy in Extreme Exchange Rate Regimes." CEPR, DP 2692.
14. Flandreau, Marc (2000) "The Economics and Politics of Monetary Unions: A Reassessment of the Latin Monetary Union, 1865-1871." Financial History Review 7:25-43.
15. Marc Flandreau 2003 The Bank, the States and the Market, an Austro-Hungarian Tale for Euroland In: F. Capie et G. Wood (eds.) The History of Monetary Unions Macmillan London
16. Flandreau, Marc (2005) "The Logic of Compromise: An Anti-Optimum Currency Area Manifesto." CEPR Discussion Paper.
17. Marc Flandreau and Frédéric Zumer 2004 The Making of Global Finance 1880-1913 OECD Development center Paris
18. Fontagné, Lionel and Michael, Freudenberg (1999) "Endogeneous Symmetry of Shocks in a Monetary Union." Open Economies Review 10(3):263-287.
19. Frankel, J.A. and A.K. Rose (1998) "The Endogeneity of the Optimum Currency Area Criteria." Economic Journal 108:1009-1025.
20. Frankel, Jeffrey (1997) Regional Trading Blocs in the World Economic System. International Institute Economics.
21. George M. Furstenberg 2004 In: J. Mélitz V. Alexander and G. von Furstenberg (eds.) Income Insurance Aspects of Monetary Unions Oxford University Press Oxford
22. E. Helpman and Paul Krugman 1989 Trade Policy and Market Structure Massachusetts Institute Technology Cambridge
23. International Monetary Fund (1984) "Exchange Rate Volatility and World Trade." IMF Occasional Papers, 28/7/84.
24. Edwin Kemmerer 1944 Gold and the Gold Standard Mac Graw Hill NY and London
25. Kenen, P. (1969) "The Theory of Optimum Currency Areas: An Eclectic View." In Mundell and Swoboda (eds.), Monetary Problems of the International Economy. University of Chicago Press.
26. Komlos, John (1983) The Habsburg Monarchy as a Custom Union. Economic Development in Austria-Hungary in the Nineteenth Century. Princeton.
27. Krugman, Paul (1993) "Lessons of Massachusetts for EMU." In F. Giavazzi and F. Torres (eds.), The Transition to Economic and Monetary Union in Europe, NY, CUP, pp. 241-61.
28. López-Córdova, J. Ernesto and Christopher M. Meissner (2003) "Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era." American Economic Review 93(1):344-353.
29. Mathilde Maurel 1998 Régionalisme et désintégration en Europe centrale et orientale: Une approche gravitationnelle Presses du CNRS Paris
30. Maurel, Mathilde (2004) "Current Account Constraint as a Barrier to International Trade: The evidence from the European Enlargement Process." Economic Systems 28(3):301-317.
31. McCallum, John (1995) "National Borders Matter: Canada-US: National Trade Patterns." American Economic Review 85:615-623.
32. Mélitz, Jacques (2001) "Geography, Trade and Currency Union." mimeo.
33. Mélitz, Jacques and Frédéric Zumer (1999) "Interregional and International Risk-Sharing and Lessons for EMU." Carnegie Rochester Conference Series on Public Policy 51:149-188.
34. Mill, John Stuart (1848) Principles of Political Economy. London.
35. B.R. Mitchell 1992 European Historical Statistics Macmillan London
36. Mundell, Robert (1961) "A Theory of Optimum Currency Areas." American Economic Review 51:509-517.
37. Obstfeld, M. and K. Rogoff (2000) "The Six Major Puzzles in International Macro: Is There a Common Cause?" NBER Working Paper 7777.
38. Pakko, Michael R. and Howard Wall (2001) "Reconsidering the Trade Creating Effects of a Currency Union." Federal Reserve Bank of Saint Louis.
39. Persson, Torsten (2001) "Currency Unions and Trade: How Large is the Treatment Effect?" Economic Policy.
40. Rose, Andrew K. (2000) "One Money, One Market, The Effect of Common Currencies on Trade." Economic Policy 0(30):7-33.
41. Rose, Andrew K. (2001) "The Effect is Large." Economic Policy.
42. Savage, I. Richard and Karl W. Deutsch (1960) "A Statistical Model of the Gross Analysis of Transaction Flows." Econometrica 28(3):551-572.
43. Schelkle, Waltraub (2001) "The Optimum Currency Area Approach to European Monetary Integration: Framework of Debate or Dead End?" Working Paper.
44. Schulze, Max Stefan (2003) "Structural Change and Productivity Growth in the Habsburg Empire." Mimeo, London School of Economics.