Results 11 to 20 of about 1,944 (297)
An Optimum-Currency-Area Odyssey [PDF]
Journal of International Money and Finance, 2022 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 ...
George S. Tavlas, Harris Dellas
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Is the Eurozone an Optimum Currency Area?
International Journal of Economic Sciences, 2023 The 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.
Marek Loužek
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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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A New Optimum Currency Area Index for the Euro Area
SSRN Electronic Journal, 2022 We 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.
Davor Kunovac +2 more
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Optimum Currency Area in the Eurozone [PDF]
Open Economies Review, 2023 Abstract We used a Bayesian dynamic factor model (BDFM) to examine the share of variance explained by the European and country factors for 59 regions in Eurozone countries in the period from 1992 to 2020. The BDFM output facilitated the construction of a criterion that enables the assessment of the cost of participation in the European ...
Krzysztof Beck, Iana Okhrimenko
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Self-Validating Optimum Currency Areas [PDF]
, 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 ...
Giancarlo Corsetti, Paolo A. Pesenti
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Optimum currency areas, real and nominal convergence in the European Union
Notas Económicas, 2015 It is well known and widely accepted by economists that the characteristics of the countries of the European Monetary Union (EMU) created in 1999 did not match the requirements of an Optimum Currency Area (OCA).
João Sousa Andrade +1 more
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Empirical Results for Some Monetary Areas According to Optimum Currency Area Criteria
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2015 The euro area is the biggest monetary union in the World. In post-crisis time, the possibilities of creation a new monetary union are discussed again.
Emil Adámek, Stanislav Kappel
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Oil Shocks and the Euro as an Optimum Currency Area [PDF]
, 2014 We use wavelet analysis to study the impact of the Euro adoption on the oil price macroeconomy relation in the Euroland. We uncover evidence that the oil-macroeconomy relation changed in the past decades. We show that after the Euro adoption some countries became more similar with respect to how their macroeconomies react to oil shocks.
Luís Francisco Aguiar +2 more
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