|
|
Potential Effects (% GDP) of: | ||||||
| % ’95 Trade with: |
’95 Trade |
Dollarization | Join EMU | ||||
| $ Zone | € Zone |
(% GDP) |
Trade |
GDP |
Trade |
GDP |
|
| Albania |
3 |
75 |
47 |
3 |
1 |
70 |
23 |
| Algeria |
13 |
62 |
59 |
15 |
5 |
72 |
24 |
| Angola |
50 |
34 |
110 |
109 |
36 |
74 |
25 |
| Australia |
14 |
12 |
42 |
12 |
4 |
10 |
3 |
| Bangladesh |
20 |
21 |
37 |
15 |
5 |
15 |
5 |
| Belize |
44 |
8 |
103 |
90 |
30 |
16 |
5 |
| Brazil |
23 |
24 |
15 |
7 |
2 |
7 |
2 |
| Burundi |
7 |
75 |
33 |
4 |
1 |
49 |
16 |
| Cambodia |
2 |
8 |
80 |
3 |
1 |
13 |
4 |
| Canada |
76 |
5 |
73 |
111 |
36 |
8 |
3 |
| Chile |
21 |
17 |
55 |
24 |
8 |
19 |
6 |
| China |
13 |
11 |
40 |
10 |
3 |
9 |
3 |
| Colombia |
38 |
18 |
36 |
27 |
9 |
13 |
4 |
| Congo Dem. Rep. |
13 |
57 |
59 |
16 |
5 |
67 |
22 |
| Costa Rica |
53 |
17 |
86 |
91 |
30 |
30 |
10 |
| Denmark |
4 |
49 |
64 |
6 |
2 |
63 |
21 |
| Dominican Rep. |
76 |
7 |
63 |
95 |
31 |
9 |
3 |
| Egypt Arab Rep. |
18 |
38 |
53 |
19 |
6 |
41 |
13 |
| Ethiopia |
12 |
53 |
38 |
9 |
3 |
40 |
13 |
| Fiji |
10 |
4 |
115 |
22 |
7 |
9 |
3 |
| Gambia |
2 |
51 |
132 |
6 |
2 |
135 |
45 |
| Ghana |
12 |
40 |
60 |
15 |
5 |
48 |
16 |
| Guinea |
15 |
56 |
48 |
14 |
5 |
54 |
18 |
| Guyana |
28 |
12 |
211 |
120 |
39 |
50 |
16 |
| Haiti |
67 |
13 |
36 |
48 |
16 |
9 |
3 |
| Honduras |
52 |
17 |
91 |
95 |
31 |
31 |
10 |
| Iceland |
11 |
34 |
67 |
15 |
5 |
46 |
15 |
| India |
17 |
29 |
28 |
9 |
3 |
16 |
5 |
| Indonesia |
13 |
15 |
52 |
13 |
4 |
15 |
5 |
| Iran Islamic Rep. |
1 |
40 |
36 |
1 |
0 |
29 |
10 |
| Israel |
25 |
38 |
69 |
34 |
11 |
52 |
17 |
| Jamaica |
53 |
9 |
136 |
145 |
48 |
24 |
8 |
| Japan |
27 |
12 |
17 |
9 |
3 |
4 |
1 |
| Jordan |
7 |
24 |
126 |
18 |
6 |
62 |
20 |
| Kenya |
6 |
35 |
73 |
9 |
3 |
50 |
17 |
| Korea |
22 |
11 |
67 |
30 |
10 |
14 |
5 |
| Kuwait |
19 |
24 |
104 |
39 |
13 |
51 |
17 |
| Lao PDR |
2 |
16 |
61 |
2 |
1 |
20 |
7 |
| Lebanon |
12 |
51 |
77 |
18 |
6 |
78 |
26 |
| Madagascar |
4 |
55 |
55 |
4 |
1 |
60 |
20 |
| Malawi |
8 |
26 |
73 |
12 |
4 |
37 |
12 |
| Malaysia |
17 |
10 |
194 |
68 |
22 |
40 |
13 |
| Mauritania |
5 |
60 |
112 |
11 |
4 |
134 |
44 |
| Mauritius |
1 |
36 |
122 |
2 |
1 |
87 |
29 |
| Mexico |
79 |
6 |
59 |
93 |
31 |
7 |
2 |
| Mongolia |
8 |
17 |
106 |
16 |
5 |
35 |
12 |
| Morocco |
5 |
59 |
61 |
6 |
2 |
72 |
24 |
| Mozambique |
7 |
22 |
88 |
13 |
4 |
40 |
13 |
| Myanmar |
3 |
5 |
3 |
0 |
0 |
0 |
0 |
| Nepal |
12 |
22 |
59 |
14 |
5 |
26 |
9 |
| New Zealand |
13 |
11 |
59 |
16 |
5 |
13 |
4 |
| Nicaragua |
38 |
16 |
91 |
69 |
23 |
29 |
10 |
| Nigeria |
35 |
34 |
30 |
21 |
7 |
21 |
7 |
| Norway |
6 |
43 |
70 |
9 |
3 |
61 |
20 |
| Pakistan |
12 |
20 |
36 |
9 |
3 |
15 |
5 |
| Papua New Guinea |
3 |
11 |
103 |
6 |
2 |
23 |
8 |
| Paraguay |
19 |
8 |
48 |
19 |
6 |
8 |
2 |
| Peru |
24 |
18 |
28 |
13 |
4 |
10 |
3 |
| Philippines |
24 |
10 |
81 |
39 |
13 |
16 |
5 |
| Romania |
4 |
62 |
59 |
5 |
2 |
73 |
24 |
| Rwanda |
23 |
50 |
36 |
16 |
5 |
36 |
12 |
| Saudi Arabia |
20 |
21 |
72 |
29 |
10 |
31 |
10 |
| Seychelles |
0 |
16 |
104 |
1 |
0 |
33 |
11 |
| Sierra Leone |
14 |
54 |
39 |
11 |
4 |
42 |
14 |
| Singapore |
16 |
10 |
356 |
114 |
38 |
71 |
24 |
| South Africa |
10 |
29 |
50 |
10 |
3 |
29 |
10 |
| Sri Lanka |
17 |
16 |
82 |
27 |
9 |
26 |
9 |
| Sweden |
8 |
48 |
76 |
12 |
4 |
72 |
24 |
| Switzerland |
8 |
61 |
66 |
11 |
3 |
81 |
27 |
| Tanzania |
6 |
26 |
63 |
7 |
2 |
33 |
11 |
| Thailand |
14 |
13 |
90 |
25 |
8 |
23 |
8 |
| Trinidad & Tobago |
42 |
9 |
97 |
81 |
27 |
18 |
6 |
| Tunisia |
3 |
75 |
93 |
5 |
2 |
141 |
46 |
| Turkey |
9 |
46 |
44 |
8 |
3 |
41 |
13 |
| Uganda |
4 |
58 |
32 |
2 |
1 |
38 |
12 |
| United Kingdom |
12 |
53 |
58 |
13 |
4 |
62 |
20 |
| United States |
n/a |
14 |
24 |
n/a |
n/a |
7 |
2 |
| Uruguay |
9 |
18 |
38 |
7 |
2 |
14 |
5 |
| Venezuela |
50 |
10 |
48 |
48 |
16 |
10 |
3 |
| Vietnam |
4 |
16 |
83 |
6 |
2 |
26 |
9 |
| Yemen Rep. |
7 |
13 |
73 |
10 |
3 |
18 |
6 |
| Zambia |
5 |
17 |
91 |
9 |
3 |
31 |
10 |
| Zimbabwe |
4 |
21 |
91 |
8 |
3 |
38 |
13 |
| Average |
4 |
48 |
69 |
5 |
2 |
54 |
18 |
|
|
|
|
|
|
|
|
|
| Currency Boards |
|
|
|
|
|
|
|
| Argentina |
16 |
23 |
17 |
5 |
2 |
8 |
3 |
| Bulgaria |
5 |
56 |
103 |
11 |
4 |
114 |
38 |
| Djibouti |
3 |
38 |
99 |
6 |
2 |
74 |
24 |
| Hong Kong China |
16 |
10 |
303 |
97 |
32 |
63 |
21 |
|
|
|
|
|
|
|
|
|
| Dollarized |
|
|
|
|
|
|
|
| Panama |
12 |
7 |
199 |
47 |
15 |
27 |
9 |
|
|
|
|
|
|
|
|
|
| Recent Dollarizers |
|
|
|
|
|
|
|
| Ecuador |
45 |
16 |
58 |
53 |
17 |
19 |
6 |
| El Salvador |
50 |
14 |
59 |
59 |
19 |
16 |
5 |
| Guatemala |
44 |
10 |
45 |
39 |
13 |
9 |
3 |
|
|
|
|
|
|
|
|
|
| EMU Members |
|
|
|
|
|
|
|
| Austria |
4 |
69 |
78 |
6 |
2 |
108 |
36 |
| Finland |
7 |
35 |
68 |
10 |
3 |
48 |
16 |
| France |
6 |
56 |
45 |
5 |
2 |
50 |
17 |
| Germany |
7 |
46 |
46 |
6 |
2 |
43 |
14 |
| Greece |
7 |
64 |
43 |
6 |
2 |
56 |
18 |
| Ireland |
11 |
35 |
134 |
30 |
10 |
93 |
31 |
| Italy |
6 |
51 |
51 |
7 |
2 |
52 |
17 |
| Netherlands |
6 |
57 |
100 |
12 |
4 |
114 |
38 |
| Portugal |
4 |
67 |
74 |
5 |
2 |
99 |
33 |
| Spain |
5 |
61 |
47 |
5 |
2 |
57 |
19 |
|
|
|
|
|
|
|
|
|
| Potential EMU Joiners |
|
|
|
|
|
|
|
| Hungary |
4 |
71 |
76 |
6 |
2 |
107 |
35 |
| Poland |
3 |
60 |
50 |
3 |
1 |
61 |
20 |
|
|
|
|
|
|
|
|
|
| CFA Franc Zone |
|
|
|
|
|
|
|
| Benin |
5 |
45 |
63 |
6 |
2 |
57 |
19 |
| Burkina Faso |
4 |
71 |
41 |
3 |
1 |
59 |
19 |
| Cameroon |
3 |
69 |
46 |
3 |
1 |
63 |
21 |
| Central African Republic |
2 |
72 |
49 |
2 |
1 |
70 |
23 |
| Chad |
6 |
75 |
76 |
9 |
3 |
114 |
38 |
| Comoros |
2 |
70 |
64 |
2 |
1 |
89 |
29 |
| Congo Rep. |
14 |
77 |
128 |
35 |
11 |
196 |
65 |
| Cote d’Ivoire |
7 |
73 |
77 |
11 |
4 |
112 |
37 |
| Equatorial Guinea |
21 |
45 |
154 |
66 |
22 |
137 |
45 |
| Gabon |
46 |
33 |
93 |
86 |
28 |
61 |
20 |
| Guinea-Bissau |
2 |
73 |
47 |
2 |
1 |
69 |
23 |
| Mali |
4 |
51 |
60 |
5 |
2 |
60 |
20 |
| Niger |
10 |
71 |
40 |
8 |
3 |
57 |
19 |
| Senegal |
5 |
69 |
69 |
6 |
2 |
95 |
31 |
| Togo |
6 |
42 |
75 |
9 |
3 |
63 |
21 |
|
|
|
|
|
|
|
|
|
| Uses Indian Rupee |
|
|
|
|
|
|
|
| Bhutan |
3 |
13 |
77 |
4 |
1 |
20 |
7 |
|
|
|
|
|
|
|
|
|
| ECCA Member |
|
|
|
|
|
|
|
| St. Kitts and Nevis |
21 |
2 |
123 |
51 |
17 |
6 |
2 |
Notes
1: Currency Union predicted to triple trade.
2: Each percentage point in trade/GDP predicted to increase real GDP per capita by .33%.
This is a longer version of Table V from Frankel and Rose “An Estimate of the Effect of Common Currencies on Trade and Income”