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Endogeneities of Optimum Currency Areas : What Brings Countries Sharing a Single Currency Closer Together?
De Grauwe, Paul; Mongelli, Francesco Paolo - 2021
present diverse arguments and, where possible, explore the incipient empirical literature focussing on the euro area. Our …
Persistent link: https://www.econbiz.de/10013318634
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How Did European Institutional Integration and Intra-European Trade Interact?
Agur, Itai; Dorrucci, Ettore; Mongelli, Francesco Paolo - In: Economie Internationale (2007) 109, pp. 107-146
EMU has spurred an interest on the effects of monetary unions on regional economic integration. This paper investigates the link between intra-European trade growth and the institutional process of regional integration, of which monetary integration was one step. Special attention is paid to the...
Persistent link: https://www.econbiz.de/10005406504
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The Eurozone : Piecemeal Approach to an Optimum Currency Area
Handler, Heinz - 2013
This paper discusses the literature which associates the economic characteristics of EMU with arguments of the optimum currency area (OCA) theory and asks for missing capstones that would meliorate EMU to eventually resemble an OCA. As potential candidates for such building blocks, some sort of...
Persistent link: https://www.econbiz.de/10013075363
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A Centralized Monetary Union for Mercosur : Lessons from Emu
Fratianni, Michele U.; Hauskrecht, Andreas - 2014
The paper starts with the assumption that the Mercosur countries have decided to pursue monetary integration. These countries have essentially two options: a decentralized monetary union (MU) whereby each member country either pegs to the U.S. dollar or dollarizes outright; or a centralized MU...
Persistent link: https://www.econbiz.de/10014026460
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OPTIMUM CURRENCY AREA INDICES : EVIDENCE FROM THE 1990s
Horváth, Roman; Komárek, Luboš - Department of Economics, University of Warwick - 2003
In this paper the authors calculate OCA-indexes for industrial countries in an effort to estimate the benefit-cost ratio of adopting a common currency. The results correspond to the estimation of Bayoumi and Eichengreen (1997b) and show that the ranking of the economies suitable to form a...
Persistent link: https://www.econbiz.de/10005178293
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The endogeneity approach of the theory of optimum currency areas : what does it mean for ASEAN + 3?
Löchel, Horst; Baumann, Stefan - 2006
The paper analyzes if and how the experiences of European integration can be used for the progress of East Asia integration especially of the ASEAN+3 countries1. Of special interest is the relevance of the new endogeneity approach of monetary integration for East Asia. The question is discussed...
Persistent link: https://www.econbiz.de/10003750291
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Completing the monetary union of Europe as mid-term solution of the Euro crisis
Fischer, Justina A. V.; Pastore, Francesco - 2015
This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the … growth in Greece and discusses the role of conditionality. Finally, the important role of mid-left parties is highlighted. …
Persistent link: https://www.econbiz.de/10011308548
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Act for Currency Unions
Stark-Veltel, Gerd - 2018
When real wages in an economy no longer reflect productivity, normally devaluations of the currency restore international price-competitiveness via imported inflation that reduces real wages. This instrument is not available in a currency union. The job has to be done by reductions in nominal...
Persistent link: https://www.econbiz.de/10012928858
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Ecowas common currency : how prepared are its members?
Mati, Sagiru; Civcir, İrfan; Ozdeser, Hüseyin - In: Investigación económica : revista de la Faculdad de … 78 (2019) 308, pp. 89-119
This study operationalizes the Optimum Currency Area (OCA) to investigate the preparedness of Economic Community of West African States (ECOWAS) members to form a Monetary Union (MU). Inflation and output models are estimated, with the sample 1988:01 to 2017:12 for the former and 1967 to 2016...
Persistent link: https://www.econbiz.de/10012016723
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The Euro-project at risk
Hankel, Wilhelm; Hauskrecht, Andreas; Stuart, Bryan - 2010
economic fundamentals of Euro area member countries have not harmonized. The opposite holds: the Euro core countries - most of …. However, Mediterranean countries - particularly Greece, but also Spain, Portugal, and Italy - have dramatically lost … international competitiveness. Although the overall balance of payments for the Euro area at large is almost balanced, internal …
Persistent link: https://www.econbiz.de/10008695492