Information about recent tree trade agreements is available on the WTO website at http://www.wto.org/english/tratop_e/region _e/region e.htm under "Facts and figures." The currency union dummy only takes on the value 1 for bilateral observations between Finland, France, Germany, and Italy for the yem" 2000.
Bilateral observations for two countries are constructed by multiplying the single-country ratings and then taking natural logarithms.
Rose uses a gravity model and a panel dataset that includes bilateral observations
spanning the period from 1970-90 for 186 countries to assess the separate effects of exchange rate volatility and currency unions on international trade.