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Theory of Optimum Currency Areas
Review of Market Integration, 2015This article aims at providing an eclectic analysis of the theory of optimum currency areas (OCAs). Although the basic tenets of the theory were anticipated during the late 1940s and the 1950s, the theory was developed and maturated in three highly influential papers of Mundell (1961), McKinnon (1963) and Kenen (1969).
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The Optimum Currency Area Puzzle
International Advances in Economic Research, 2013The theory of optimum currency areas, suggesting the redrawing of currency areas across countries or splitting of national money into several currencies, is at odds with the one-money-one-country pattern that has dominated monetary history for 26 centuries.
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A Stochastic Simulation Model of an Optimum Currency Area
Open Economies Review, 1998zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Beine, Michel, Docquier, Frédéric
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Is Europe an optimum currency area?
National Institute Economic Review, 1993Much of the debate on the desirability of a monetary union in Europe has focused on the question of whether Europe can be described as an optimum currency area (OCA). The European Commission in its report 'One money, one market' takes the view that this theoretical framework gives useful insights for the analysis of the economics of EMU and its ...
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Is The Eastern Caribbean Currency Union an Optimum Currency Area?
The Journal of Developing Areas, 2014Throughout the turbulence in the international financial system, eastern Caribbean countries have enjoyed remarkable monetary and economic stability. This paper attempts to characterize the types of structural shocks in the Eastern Caribbean Currency Union (ECCU) and other countries in the region and compare them with other currency unions such as the ...
Xiaodan Zhao, Yoonbai Kim
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Is Mercosur an optimum currency area? [PDF]
, 2007 We find that generalized purchasing power parity does not hold for Mercosur, and thus that the South American trade group does not constitute an optimum currency area. We also find that the role of the United States cannot be neglected in the region, and that high short run volatility of real exchange rates is accompanied by slow adjustment processes ...
Neves, J. Anchieta +2 more
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Optimum filtering for optimum currency areas criteria [PDF]
Economics Bulletin, 2007 This study aims to analyze Turkey and the Economic and Monetary Union (EMU) countries in the light of criteria suggested by the optimum currency areas (OCA) theory and to compare the criteria obtained by an application of Hodrick-Prescott (H-P) and Baxter-King (B-K) filters.
Itir Ozer, Ibrahim Ozkan
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Optimum‐Currency‐Area Paradoxes
Review of International Economics, 2009AbstractContributions by Mundell (1961), McKinnon (1963), and Kenen (1969) laid the foundations for all subsequent work in the area of the theory of optimum currency areas. The development of the optimum‐currency‐area paradigm, however, has not been a smooth one.
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Theory of Optimum Currency Areas
2007To clarify the economic rationale of a currency union we have to judge it from the point of view of markets and against the background of the market agents’ experiences with other currency systems. In case of national currencies which are bound together in a system of fixed exchange rates, governments face the risk of balance of payments imbalances ...
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The ‘New’ Theory of Optimum Currency Areas
The World Economy, 1993Highbrow opinion is like a hunted hare; if you stand long enough it will come back to the place it started from. Dennis Robertson
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