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Is the Eurozone an Optimum Currency Area?
International Journal of Economic Sciences, 2023The objective of this paper is to find out the past, the present and the future of the euro. The first part presents the euro as an edifying currency experiment. The second part analyses the economic performance of the euro area. The third part points out the internal conflicts inside the eurozone.
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Optimum Currency Areas and Key Currencies
2002Forty years after Robert Mundell put forth his celebrated theory of optimum currency areas, the analytical consensus based on his celebrated 1961 paper has disintegrated. Part of the problem stems from a seeming contradiction in Robert Mundell’s own work.
Ronald McKinnon, Peter B. Kenen
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To be or not to be: An optimum currency area for South Asia?
Journal of Policy Modeling, 2013This paper empirically investigates whether South Asian countries constitute an optimum currency area (OCA) by applying a structural vector auto-regression (SVAR) model to trace global, regional, and domestic shocks. Variance decomposition shows that domestic shocks dominate regional and global shocks, which contrasts with our findings for the European
Krishna Regmi +2 more
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A New Optimum Currency Area Index for the Euro Area
SSRN Electronic Journal, 2022We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the OCA properties of the monetary union from an international business cycle perspective. It is derived from the relative importance of symmetric vs.
Kunovac, Davor +2 more
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The Optimum Currency Area. Is the Euro Zone an Optimum Currency Area? [PDF]
, 2011 Although analyzed in terms of criteria for defining an optimum currency area, we could appreciate that EU fulfils certain criteria established within the theory of the optimum currency area. But in comparison with USA or Canada, the EU has less premises to effectively become such an area. The Economic and Monetary Union considered, from a certain point
Geza, Paula, Giurca Vasilescu, Laura
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Operationalising the theory of optimum currency areas
1984Recent years have seen a wave of empirical studies attempting to give empirical content to the theory of optimum currency areas as a way of marshalling evidence on the costs and benefits of EMU. This paper reviews this empirical literature, as a way of examining the success with which theory has been operationalized. We also report some new work on the
Bayoumi, Tamim, Eichengreen, Barry
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1987
An optimum currency area refers to the ‘optimum’ geographical domain having as a general means of payments either a single common currency or several currencies whose exchange values are immutably pegged to one another with unlimited convertibility for both current and capital transactions, but whose exchange rates fluctuate in unison against the rest ...
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An optimum currency area refers to the ‘optimum’ geographical domain having as a general means of payments either a single common currency or several currencies whose exchange values are immutably pegged to one another with unlimited convertibility for both current and capital transactions, but whose exchange rates fluctuate in unison against the rest ...
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Is China an optimum currency area?
Journal of Asian Economics, 2005Abstract This paper analyzes regional differences across Chinese regions, employing an optimum currency area framework. Empirically, we consider the cross-sectional correlation measure of Solnik and Roulet [Solnik, B., & Roulet, J. (2000). Dispersion as cross-sectional correlation.
Hans N.E. Byström +2 more
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A history of the theories on Optimum Currency Areas
The European Journal of the History of Economic Thought, 2014AbstractThe historical reconstructions of the theories of Optimum Currency Areas (OCA) are usually biased by the underlying theoretical and policy orientation of their authors, they often provide a sort of internalist explanation of advancement in economic theory (assuming that economic theory evolves for internal reasons defined by theorists in the ...
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1996
A single currency is more suitable for some areas of the world than for others. While there are always economic benefits from having a single currency, through savings on the transactions costs of currency exchanges, hedging, and so on, there can be offsetting costs if a single currency stands in the way of economic adjustments that may be initiated or
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A single currency is more suitable for some areas of the world than for others. While there are always economic benefits from having a single currency, through savings on the transactions costs of currency exchanges, hedging, and so on, there can be offsetting costs if a single currency stands in the way of economic adjustments that may be initiated or
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