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A classic argument in favor of a fixed exchange rate regime (ERR) has been the promotion of international trade between the pegging country and its base country. Results from previous literature point to a significant and highly positive effect of adopting a fixed ERR on bilateral trade between any given country pair. In this paper, it is argued that these results should not be interpreted as causal effects, since countries do not typically choose their ERR independently of their trade flows.doi:10.11130/jei.2013.28.4.533 fatcat:gsiyq64grvevzlmcpljuosaqei