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No Single Currency Regime is Right for All Countries or at All Times

Frankel, Jeffrey A. - 2021

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/10013218806

The Endogeneity of Exchange Rate Regimes

Eichengreen, Barry - 2021

The international monetary system has passed through a succession of phases characterized alternatively by the dominance of fixed and flexible exchange rates. How are these repeated shifts between fixed and flexible rate regimes to be understood? The present paper specifies and tests six...

Persistent link: https://www.econbiz.de/10013225407

A Tale of Politically-Failing Single-Currency Area

Razin, Assaf - 2012

The global financial crisis which erupted in the United States instantaneously swept across Europe. Like the United … bubble burst and the crisis began unfolding it became clear that the Eurozone plight differed from America's in one … States. Some American states had over-borrowed, but the sovereign debt crisis didn't place individual states at deflationary …

Persistent link: https://www.econbiz.de/10013100996

The Optimal Currency Area in a Liquidity Trap

Cook, David E. - 2013

Open economy macro theory says that when a country is subject to idiosyncratic macro shocks, it should have its own currency and a flexible exchange rate. But recently in many countries policy rates have been pushed down close to the lower bound, limiting the ability of policy-makers to...

Persistent link: https://www.econbiz.de/10013073571

Participation in a Currency Union

Casella, Alessandra - 2008

When countries of different sizes participate in a cooperative agreement, the potential gain from deviation determines the minimum power that each country requires in the common decision-making. lt;brgt;lt;bRgt;This paper studies the problem in the context of a monetary union - multiple...

Persistent link: https://www.econbiz.de/10012774523

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/10012780126

Aftershocks of Monetary Unification : Hysteresis with a Financial Twist

Bayoumi, Tamim - 2017

Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency area, although moderating this concern was the finding that it was possible to distinguish a regional core and periphery (Bayoumi and Eichengreen, 1993). Revisiting these...

Persistent link: https://www.econbiz.de/10012962173

Capital Market Imperfections and the Theory of Optimum Currency Areas

Agenor, Pierre-Richard - 2010

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/10012759212

One World Money, then and Now

Bordo, Michael D. - 2009

The case for monetary simplification and unification has been made since the middle of the nineteenth century. It rests on four principal arguments ;reduced transaction costs; establishing credibility; preventing bad policy in other states; political integration via money. In this paper we argue...

Persistent link: https://www.econbiz.de/10012767361

Optimal Currency Areas

Alesina, Alberto F.; Barro, Robert J.; Tenreyro, Silvana - 2021

As the number of independent countries increases and their economies become more integrated, we would expect to observe more multi-country currency unions. This paper explores the pros and cons for different countries to adopt as an anchor the dollar, the euro, or the yen. Although there appear...

Persistent link: https://www.econbiz.de/10013233010

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