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National Money as a Barrier to International Trade: The Real Case for Currency Union
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National Money as a Barrier to International Trade: The Real Case for Currency Union
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Journal Article
National Money as a Barrier to International Trade: The Real Case for Currency Union
2001
Overview
Europeans are proceeding with EMU; a number of countries in the Americas are pursuing dollarization. Conventional wisdom as to why is that the costs are high, since members of currency unions cannot employ domestic monetary policy to smooth business cycles. More intriguingly, most economists think that the economic benefits from currency union are low. It is argued that conventional wisdom may be wrong, since national money seems to be a significant barrier to international trade in the data. Currency unions lower these monetary barriers to trade and are thus associated with higher trade and welfare; it is estimated that the EMU will cause European trade to rise by over 50%. The benefits of trade created by currency union may swamp any costs of forgoing independent monetary policy.
