A1 Journal article (refereed)
Effects of the European Monetary Union on High-Technology Exports (2021)

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

JYU authors or editors

Publication details

All authors or editors: Tohmo, Timo; Heimonen, Kari; Nieminen, Mika

Journal or series: Journal of Industry, Competition and Trade

ISSN: 1566-1679

eISSN: 1573-7012

Publication year: 2021

Publication date: 18/03/2021

Volume: 21

Issue number: 2

Pages range: 251-285

Publisher: Springer

Publication country: United States

Publication language: English

DOI: https://doi.org/10.1007/s10842-021-00354-8

Publication open access: Openly available

Publication channel open access: Partially open access channel

Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/75451


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.

Keywords: monetary unions; single currency; euro; economic effects; international trade; export; technology industry; high technology; knowledge economy

Free keywords: trade; exports; European Monetary Union; high technology; knowledge-based economy; Poisson pseudo-maximum likelihood

Contributing organizations

Ministry reporting: Yes

Reporting Year: 2021

JUFO rating: 1

Last updated on 2022-14-09 at 12:11