Frankel, Jeffrey A. - 2021
Andy Rose (2000), followed by many others, has used the gravity model of bilateral trade on a large data set to … estimate the trade effects of monetary unions among small countries. The finding has been large estimates: Trade among members … seems to double or triple, that is, to increase by 100-200%. After the advent of EMU in 1999, Micco, Ordoñez and Stein and …