Results 11 to 20 of about 2,538 (294)
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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Optimum currency areas: a policy view
PSL Quarterly Review, 2012 Since the mid-1990s new developments in the theory of optimum currency areas have set forth an equilibrium approach that, in contrast with the traditional view stemming from Robert Mundell's seminal paper, considers the optimality criteria as the ...
Filippo Cesarano
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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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Optimum currency areas: EU case [PDF]
Megatrend Revija, 2014 The interest for optimum currency area theory (OCA), comes from the experience of European monetary union (EMU), development of academic thought, progress in economic theory and econometrics in sense of revaluation of national monetary and fiscal ...
Petković Vladislav
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Unilateral currency union with a high-income area: the case of Montenegro [PDF]
The European Journal of Comparative Economics, 2022 Unilateral euroization by developing economies is underexplored even in comparison to unilateral dollarization (taken to mean the adoption of the US dollar as legal tender). This paper attempts to help fill this gap in the literature by investigating the
Arslan Razmi
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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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Monetary integration in South America: Elección of candidates through unsupervised machine learning
Revista de Economía Mundial, 2022 Applying Unsupervised Machine Learning techniques to a set of nominal variables (based on the optimum currency area [OCA] theory and the Maastricht Treaty criteria) and industrial indicators (based on similar production patterns), this paper aims to ...
León Padilla, Eduardo Marín
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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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Choice of an Exchange Rate Regime: the Role of Optimum Currency Area Theory
Competitio, 2021 This lecture deals with the problem of the choice of exchange rate regime for fiat and fully convertible currencies. We begin with a review of different types of exchange rate regimes and discuss the difference between de jure and de facto regimes.
Julius Horvath
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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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