Out in the cold? : Iceland's trade performance outside the EU

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dc.contributor Þórarinn Gunnar Pétursson 1966 is
dc.contributor.author Breedon, Francis is
dc.date.accessioned 2013-12-20T13:27:55Z
dc.date.available 2013-12-20T13:27:55Z
dc.date.issued 2004-12
dc.identifier.issn 1028-9445
dc.identifier.uri http://hdl.handle.net/10802/4769
dc.description Útdráttur á ensku is
dc.description Myndefni: línurit, töflur is
dc.description.abstract Although entering a currency union involves both costs and benefits, an increasing body of research is finding that the benefits – in terms of international trade creation – are remarkably large. For example, Rose (2000) suggests that countries can up to triple their trade by joining a currency union. If true the impact on trade, income and welfare should Iceland join EMU could be enormous. However, by focussing simply on EMU rather than the broad range of currency unions studied by Rose, we find that the trade impact of EMU is smaller – but still statistically significant and economically important. Our findings suggest that the Iceland's trade with other EMU countries could increase by about 60% and that the trade-to-GDP ratio could rise by 12 percentage points should Iceland join the EU and EMU. This trade boost could consequently raise GDP per capita by roughly 4%. These effects would be even larger if the three current EMU outs (Denmark, Sweden and the UK) were also to enter EMU. en
dc.format.extent 27 s. is
dc.language.iso en
dc.publisher Central Bank of Iceland, Economics Department is
dc.relation.ispartofseries Central Bank of Iceland., Working papers ; 26
dc.relation.uri http://www.sedlabanki.is/uploads/files/WP-26.pdf
dc.subject Verslun is
dc.subject Myntbandalög is
dc.subject Alþjóðaviðskipti is
dc.subject Ísland is
dc.subject Efnahags- og myntbandalag Evrópu is
dc.title Out in the cold? : Iceland's trade performance outside the EU en
dc.type Skýrsla is
dc.identifier.gegnir 991005033479706886


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