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Theoretical Issues Pertaining to Monetary Unions
McCallum, Bennett T. - 1999
fully operational. A second relevant body of theory is that pertaining to currency crises. Formal models clarify various … recently- developed fiscal theory of price level determination, which if valid would have major implications for monetary …-fiscal arrangements in currency unions. This theory does not contend that fiscal behavior drives an accommodative monetary authority, but …
Persistent link: https://www.econbiz.de/10012471392
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The inflation-targeting debate
Bernanke, Ben (contributor); Woodford, Michael (contributor) - 2005
Persistent link: https://www.econbiz.de/10013409839
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How Long Did It Take the United States to Become an Optimal Currency Area?
Rockoff, Hugh - 2000
The United States is often taken to be the exemplar of the benefits of a monetary union. Since 1788 Americans, with the exception of the Civil War years, have been able to buy and sell goods, travel, and invest within a vast area without ever having to be concerned about changes in exchange...
Persistent link: https://www.econbiz.de/10012471140
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No Single Currency Regime is Right for All Countries or At All Times
Frankel, Jeffrey A. - 1999
This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered...
Persistent link: https://www.econbiz.de/10012471446
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Capital Market Imperfections and the Theory of Optimum Currency Areas
Agenor, Pierre-Richard - 2008
This paper studies how capital market imperfections affect the welfare effects of forming a currency union. The analysis considers a bank-only world where intermediaries compete in Cournot fashion and monitoring and state verification are costly. The first part determines the credit market...
Persistent link: https://www.econbiz.de/10012464557
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Monetary Unions, External Shocks and Economic Performance : A Latin American Perspective
Edwards, Sebastian - 2006
During the last few years there has been a renewed analysis in currency unions as a form of monetary arrangement. This new interest has been largely triggered by the Euro experience. Scholars and policy makers have asked about the optimal number of currencies in the world economy. They have...
Persistent link: https://www.econbiz.de/10012466439
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Self-Validating Optimum Currency Areas
Corsetti, Giancarlo - 2002
In this paper we show that 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. This is because profit-maximizing producers in a currency area adopt endogenous pricing strategies that...
Persistent link: https://www.econbiz.de/10012469932
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Currency Unions
Alesina, Alberto - 2000
What is the optimal number of currencies in the world? Common currencies affect trading costs and, thereby, the amounts of trade, output, and consumption. From the perspective of monetary policy, the adoption of another country's currency trades off the benefits of commitment to price stability...
Persistent link: https://www.econbiz.de/10012470810
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Currency Unions and International Integration
Rose, Andrew K. - 2000
This paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to countries with sovereign monies, and to regions within...
Persistent link: https://www.econbiz.de/10012470865
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How Many Monies? A Genetic Approach to Finding Optimum Currency Areas
Ghosh, Atish R. - 1994
Recent moves towards greater monetary integration in Western Europe - and disintegration in Eastern Europe and the former Soviet Union - have rekindled interest in the theoretical and empirical aspects of optimal currency areas (OCA). In this paper, we examine the marginal benefit of increasing...
Persistent link: https://www.econbiz.de/10012474115