Effects of the European Monetary Union on High-Technology Exports
Tohmo, T., Heimonen, K., & Nieminen, M. (2021). Effects of the European Monetary Union on High-Technology Exports. Journal of Industry, Competition and Trade, 21(2), 251-285. https://doi.org/10.1007/s10842-021-00354-8
Published inJournal of Industry, Competition and Trade
DisciplineTaloustiedePäätöksentekoa tukeva taloustiede ja talouden kilpailukyky (painoala)Empirical MicroeconomicsJyväskylä International Macro & FinanceBasic or discovery scholarshipEconomicsPolicy-Relevant Economics and Competitiveness of Economy (focus area)Empirical MicroeconomicsJyväskylä International Macro & FinanceBasic or discovery scholarship
© 2021 the Authors
Our study estimates the effects of the European Monetary Union (EMU) on high-technology (HT) export and assesses the potential knowledge spillovers of such trade. Irrespective of the importance of the HT trade channel, none of the previous studies in the literature focus on the effects of a common currency on HT trade. Increasing trade in the HT sector may lead to more efficient use of resources and help countries to move towards a knowledge-based economy. Moreover, it may lead to higher overall growth. After considering multilateral resistances, pair fixed effects and bias correction in the preferred (three-way bias-corrected) model, EMU membership becomes negative and statistically non-significant for HT exports. Furthermore, our findings indicate that the effect of the EMU on HT exports is country-specific, which lends support to the notion of non-homogenous knowledge transfer and country-related knowledge-based economic development within the EMU.
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- Kauppakorkeakoulu 
Additional information about fundingAuthor 2 is grateful to the OP Group Research Foundation and University of Jyväskylä for their support. The third author is grateful to the OP Group Research Foundation, the Alfred Kordelin Foundation and University of Jyväskylä for their support.
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