Marinas, Marius-Corneliu - In: Theoretical and Applied Economics 10(505) (2006) 10(505), pp. 45-54
In the OCA theory, the higher economic openness and closer economic cooperation automatically lead to the convergence of business cycles. Krugman (1993) presented and alternative view on this issue. In his opinion, closer trade ties result in better allocation of resources and higher output...
