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Reference: Adam, Christopher and Cobham, David, (2007). Exchange rate regimes and trade. Manchester School, 75 (S1), 44–63.Citable link to this page:


Exchange rate regimes and trade

Abstract: A 'new version' of the gravity model is used to estimate the effect of a full range of de facto exchange rate regimes on bilateral trade. The results indicate that, while participation in a common currency union is typically strongly ‘pro-trade’, other exchange rate regimes which lower the exchange rate uncertainty and transactions costs associated with international trade are significantly more pro-trade than the default regime of a ‘double float’. They suggest that the direct and indirect trade-creating effects of these regimes on uncertainty and transactions costs tend to outweigh the trade-diverting substitution effects. Tariff-equivalent monetary barriers associated with each exchange rate regime are also calculated.

Publication status:PublishedPeer Review status:Peer reviewedVersion:Accepted Manuscript Funder: George Webb Medley Fund   Notes:This is the peer reviewed version of the following article: Adam, C. and Cobham, D. (2007), EXCHANGE RATE REGIMES AND TRADE. The Manchester School, 75: 44–63, which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.

Bibliographic Details

Publisher: Wiley

Publisher Website:

Journal: Manchester Schoolsee more from them

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Issue Date: 2007


Urn: uuid:c1050364-402f-458f-bf90-96aa3a024cc2

Issn: 1463-6786

Eissn: 1467-9957


Source identifier: 604 Item Description

Type: Journal Article;

Version: Accepted Manuscript Tiny URL: daisy:604


Autor: Adam, Christopher - institutionUniversity of Oxford facultyInternational Development - - - Cobham, David - - - - Bibliographic De



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