一般注記type:text
The purpose of this paper is to examine the outcome of the introduction of euro from theperspective of the flow of funds between the leading countries of the world. The dataused in this study have been prepared from the International Banking Statistics (IBS)published by the Bank for International Settlements (BIS). To educe only the directeffects of the launch of euro, we have opted the mixed effects model . The basic formulaof our model is that of the gravity model widely used in the analysis of internationaltrade. The technical contribution of this paper is that the mixed effects model is provedto be an effective instrument to investigate a nested panel data The specification couldbe easily examined by the likelihood ratio tests by decomposing the model into fixed andrandom effects elements. Since all the fixed effects parameters estimated in the mixedeffects model has been proved to be statistically significant , we used the parameters toeduce the following practical implications. As a conclusion it can be said that the successof the introduction of euro might be a little overstated . Especially the prosperity of thenon-euro EU countries could be short-lived. The inauguration of the new currency willsurely benefit the euro area, but the effects on the non-euro members of EU is not clearas suggested in the casual observations.
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)