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In this paper we develop a procedure for applying the core implications of the theory of optimum currency areas to cross-country data. We demonstrate that these implications find strong empirical support. The relationship between the characteristics of countries to which OCA theory points and...
Persistent link: https://www.econbiz.de/10010538636
European policy makers have repeatedly suggested that fiscal-policy coordination and fiscal federalism will play key roles in Europe's monetary union. This paper warns that this hope is misplaced. Fiscal federalism will not be available to offset recessionary shocks for the foreseeable future....
Persistent link: https://www.econbiz.de/10010538639
Conventional wisdom has it that the Mexican crisis of 1994-95 was "the first financial crisis of the 21st century." In this paper I argue that it may be better understood as the last financial crisis of the 19th. The crisis in Mexico exhibits striking similarities to the Baring Crisis of 1890,...
Persistent link: https://www.econbiz.de/10010538642
The connection between monetary integration and political integration is probably the most contentious aspect of the Maastricht process. In this paper I suggest that relationship between monetary and political integration is contingent; under only slightly different initial conditions, these two...
Persistent link: https://www.econbiz.de/10010538645
The issue of whether Mercosur needs closer macroeconomic policy harmonization, and in particular an exchange-rate stabilization agreement or even a single currency is discussed. Three views are offered on the links between exchange rates and regional integration. The option for monetary union is...
Persistent link: https://www.econbiz.de/10010538646
The existing empirical literature on banking crises has not produced agreement on their causes. Using a sample of 75 emerging markets in 1975-1997, we attempt to determine what we know about banking crises by establishing which previous results are robust. Among the robust causes of...
Persistent link: https://www.econbiz.de/10010538650
This conference is one sign of increased interest in collective or cooperative exchange rate arrangements for East Asian countries. A more concrete indication is the announcement in November 1995 by the Hong Kong Monetary Authority and the central banks of Malaysia, Indonesia and Thailand of...
Persistent link: https://www.econbiz.de/10010538653
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