Results 11 to 20 of about 1,356 (258)

The equilibrium approach to optimum currency areas

PSL Quarterly Review, 2012
This paper contrasts the received view of optimum currency areas with the modern equilibrium approach. Setting Mundell's work against earlier analyses of monetary unions exposes the peculiarities of his theory, embedded in the static Keynesian paradigm.
Filippo Cesarano
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The theory of an ‘optimum currency area’ [PDF]

Wroclaw Review of Law, Administration and Economics, 2012
The main goal of this paper is to analyse and distinguish the main components of the theory of an ‘Optimum Currency Area’. T he theory of an optimum currency area indicates some essential elements as preconditions for the successful introduction of a common currency: high mobility of labour, openness of the economy defined as a high proportion of ...
Kundera Jarosław
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An optimum-currency-area odyssey [PDF]

Journal of International Money and Finance, 2009
Abstract The theory of optimum-currency-areas was conceived and developed in three highly influential papers, written by Mundell, 1961 , McKinnon, 1963 and Kenen (1969) . Those authors identified characteristics that potential members of a monetary union should ideally possess in order to make it feasible to surrender a nationally-tailored ...
Harris Dellas, George S.Tavlas
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Self-Validating Optimum Currency Areas [PDF]

SSRN Electronic Journal, 2002
A currency area can be a self-validating optimal policy regime, even when monetary unification does not foster real economic integration and intra-industry trade. In our model, firms choose the optimal degree of exchange rate pass-through to export prices while accounting for expected monetary policies, and monetary authorities choose optimal policy ...
Corsetti, Giancarlo, Pesenti, Paolo
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A Theory of Optimum Currency Areas: Revisited [PDF]

IMF Working Papers, 1992
Starting with Friedman and Mundell the academic literature has conducted a high level debate concerning the design of cross-country monetary arrangements. That debate has become very complex and the data requirements necessary for appropriate application of the principles developed are far beyond the means of the very nations for which the principles ...
Robert P Flood, Joshua Aizenman
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A Model of an Optimum Currency Area [PDF]

SSRN Electronic Journal, 1997
AbstractThis paper develops a model of the circumstances under which it is beneficial to participate in a currency area. The proposed two-country monetary model of trade with nominal rigidities encompasses the real and monetary arguments suggested by the optimum currency area literature: correlation of real and monetary shocks, international factor ...
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Optimum Currency Area Theory: A Selective Review [PDF]

SSRN Electronic Journal, 2003
The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory. The author focuses on the main classical contributions, then considers modern treatment of OCA theory. The second part considers empirical literature on the types of geographical areas that might constitute optimum currency areas,
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Euro: the engine of integration or the seed of dissolution?

Agricultural Economics (AGRICECON), 2008
The common currency Euro is considered one of the biggest achievements of the European political and economic integration. However, it is necessary to stress that Euro was always first and foremost a political feat.
A. Rusek
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Monetary Cooperation in East Asia: Major Issues and Future Prospects

East Asian Economic Review, 2004
The Asian currency crisis in 1997 and the launch of the euro in 1999 made the possibility and desirability of introducing a regional currency union in East Asia a point of debate.
Jai-Won Ryou , Yunjong Wang
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The euro area ten years after its creation: (Divergent) competitiveness and the optimum currency area theory [PDF]

Panoeconomicus, 2011
As the euro is on its second decade, the European sovereign debt crisis and the ever more evident disparities in competitiveness among member states are prompting many to question whether monetary union is bringing more benefits than costs.
Rebelo João Barbosa, Alves Henrique Rui
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