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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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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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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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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 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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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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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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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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