Similar Search Results

Endogeneity of the optimum currency area criteria: a re-examination

Gammadigbé, Vigninou - Volkswirtschaftliche Fakultät, … - 2013

In the context of the theory of the optimum currency areas, Frankel and Rose [1998] have proposed the endogeneity … erroneous conclusions. It hides an important dimension of the endogeneity of the optimality criteria: the business cycles … convergence. From the experience of three monetary unions, we first demonstrate that the endogeneity of the monetary unions can …

Persistent link: https://www.econbiz.de/10011110725

Is East Asia an optimum currency area?

Lee, Grace HY; M, Azali - Volkswirtschaftliche Fakultät, … - 2010

This paper assesses the empirical desirability of the East Asian economies to an alternative exchange rate arrangement (a monetary union) that can potentially enhance the exchange rate stability and credibility in the region. Specifically, the symmetry in macroeconomic disturbances of the East...

Persistent link: https://www.econbiz.de/10011112397

Convergence and Optimum Currency Area, as Advanced Economic Integration

Andrei, Liviu Catalin - In: Manager Journal 4 (2014) 1, pp. 97-114

In 1961, in the earlier stage of the European integration, professor Bela Balassa proposed a five successive phase model. Today, the half century experience on integration and corresponding literature issued lets us see rather two big phases (instead of five). The one would be the incipient...

Persistent link: https://www.econbiz.de/10011167280

Should central banks really be flexible?

Grüner, Hans Peter - European Central Bank - 2002

In this paper I show that central bank flexibility may not be desirable when it encourages trade unions to behave more aggressively. The argument is based on a model where risk averse trade unions interact with a central bank. A flexible central bank stabilizes economic shocks and reduces output...

Persistent link: https://www.econbiz.de/10005222378

Fidrmuc, Jarko; Korhonen, Iikka - Royal Economic Society - RES - 2003

We assess the correlation of supply and demand shocks between the countries of the euro area and the accession countries in the 1990s. Shocks are recovered from estimated structural VAR models of output growth and inflation. We find that some accession countries have a quite high correlation of...

Persistent link: https://www.econbiz.de/10005232507

China and the Dollar: An Optimum Currency Area View

Quah, Chee-Heong; Crowley, Patrick M. - In: Prague Economic Papers 2012 (2012) 4, pp. 391-411

This paper attempts to assess how compatible China is with respect to its dollar-based exchange rate regime. Assessment is made in terms of the real convergence criteria suggested by the optimum currency areas (OCA) theory. In light of the endogenous problem in OCA analysis and this view of...

Persistent link: https://www.econbiz.de/10011195566

The Euro Area Ten Years after Its Creation: (Divergent) Competitiveness and the Optimum Currency Area Theory

Barbosa, João Rebelo; Alves, Rui Henrique - In: Panoeconomicus 58 (2011) 5, pp. 605-629

As the euro is on its second decade, the European sovereign debt crisis and the ever more evident disparities in competitiveness among member states are prompting many to question whether monetary union is bringing more benefits than costs. The optimum currency area (OCA) theory provides a...

Persistent link: https://www.econbiz.de/10011134510

Has the Euro changed the Business Cycle?

Enders, Zeno; Jung, Philip; Müller, Gernot - C.E.P.R. Discussion Papers - 2012

In contrast to the notion that the exchange-rate regime is non-neutral, there is little evidence that EMU has systematically changed the European business cycle. In fact, we find the volatility of macroeconomic variables largely unchanged before and after the introduction of the euro. Exceptions...

Persistent link: https://www.econbiz.de/10011084347

After the Fall: Euro Area Adjustment

Holinski, N.; Kool, C.J.M.; Piplack, J. - School of Economics, Universiteit Utrecht - 2014

Macroeconomic adjustment in the Southern countries of the euro area after the financial crisis appears well under way as external imbalances in these countries have almost disappeared. However, in this paper, we argue the underlying strctural problems persist and recovery is fragile. Both...

Persistent link: https://www.econbiz.de/10011206239

EMU and Accession Countries: Fuzzy Cluster Analysis of Membership

Boreiko, Dimitri - Oesterreichische Nationalbank - 2002

This paper estimates the readiness of the Accession Countries of Central and East Europe for EMU or for unilateral euroisation using a fuzzy clustering algorithm. The variables to which the algorithm is applied are suggested alternately by the criteria in the Maastricht Treaty (nominal...

Persistent link: https://www.econbiz.de/10005839472