Akiba, Hiroya; Iida, Yukihiro - In: Global Economic Review 38 (2009) 1, pp. 101-116
This article examines an endogeneity issue within the Optimum Currency Area (OCA) theory. According to the cost-benefit analysis, we found that there are the upper and the lower bounds in the degree of monetary integration for a monetary union to be created. We also found that a country may...