The paper examines whether monetary policy has similar effects across major states in the Indian polity. Impulse response functions from an estimated Structural Vector Auto Regression (SVAR) reveal two sets of states: a core of states that respond to monetary policy in a significant fashion...

This paper examines the circumstances under which it is beneficial for small countries in a currency union to peg their currency to a large one (euro zone for example). For these purposes, we provide a three-country theoretical model extending the two-country model by Ricci (2008). The...

This paper measures the Euro impact on FDI in Economic and Monetary Union countries, an issue of present concern, taking into account the recent trends of this indicator. This relation is tested with Fixed and Random Effects in a gravity model that includes a difference-in-difference estimator,...

Throughout the turbulence in the international financial system, eastern Caribbean countries have enjoyed remarkable monetary and economic stability. This paper attempts to characterize the types of structural shocks in the Eastern Caribbean Currency Union (ECCU) and other countries in the...

The introduction of the euro in 1999 has led to many initiatives and inquiries in other regions regarding the merits and prospects of currency unions. One of the regions where a currency union has been of interest is the Pacific island countries along with Australia and New Zealand. This paper...

Актуальность исследования теории оптимальных валютных зон (ОВЗ) обусловлена активизацией интеграционных процессов в современной мировой валютной системе и...