bei Google ScholarTitelangaben
Larch, Mario ; Wanner, Joschka ; Yotov, Yoto V. ; Zylkin, Thomas:
Currency Unions and Trade : a PPML Re-assessment with High-Dimensional Fixed Effects.
In: Oxford Bulletin of Economics and Statistics.
Bd. 81
(2019)
Heft 3
.
- S. 487-510.
ISSN 1468-0084
DOI: https://doi.org/10.1111/obes.12283
Abstract
Recent work on the effects of currency unions (CUs) on trade stresses the importance of using many countries and years in order to obtain reliable estimates. However, for large samples, computational issues associated with the three-way (exporter-time, importer- time, and country pair) fixed effects currently recommended in the gravity literature have heretofore limited the choice of estimator, leaving an important methodological gap. To address this gap, we introduce an iterative poisson pseudo-maximum likelihood (PPML) estimation procedure that facilitates the inclusion of these fixed effects for large data sets and also allows for correlated errors across countries and time. When applied to a compre- hensive sample with more than 200 countries trading over 65 years, these innovations flip the conclusions of an otherwise rigorously specified linear model. Most importantly, our estimates for both the overall CU effect and the Euro effect specifically are economically small and statistically insignificant. We also document that linear and PPML estimates of the Euro effect increasingly diverge as the sample size grows.
Weitere Angaben
| Publikationsform: | Artikel in einer Zeitschrift |
|---|---|
| Begutachteter Beitrag: | Ja |
| Fachklassifikationen: | C13; C23; C15; F14; F15; F33 |
| Institutionen der Universität: | Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Volkswirtschaftslehre > Lehrstuhl Volkswirtschaftslehre VI: Empirische Wirtschaftsforschung > Lehrstuhl Volkswirtschaftslehre VI: Empirische Wirtschaftsforschung - Univ.-Prof. Dr. Mario Larch Fakultäten Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Volkswirtschaftslehre Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Volkswirtschaftslehre > Lehrstuhl Volkswirtschaftslehre VI: Empirische Wirtschaftsforschung |
| Titel an der UBT entstanden: | Ja |
| Themengebiete aus DDC: | 300 Sozialwissenschaften > 330 Wirtschaft |
| Eingestellt am: | 18 Apr 2019 07:03 |
| Letzte Änderung: | 18 Apr 2019 07:03 |
| URI: | https://eref.uni-bayreuth.de/id/eprint/48700 |