Agénor, Pierre-Richard (contributor); … - 2008 - Rev.
This paper studies how capital market imperfections affect the welfare effects of forming a currency union. The …. The second part discusses the benefits from joining a currency union. A competition effect is identified and related to …Capital Market Imperfections
and the Theory of Optimum Currency Areas
Pierre-Richard Agénor
∗
and Joshua Aizenman …