A Model of an Optimum Currency Area
Опубликовано на портале: 24-12-2007
Economics Discussion Papers.
2007.
No. 2007-45.
Тематический раздел:
This paper develops a model of the circumstances under which it is beneficial to
participate in a currency area. The proposed two-country monetary model of trade
with nominal rigidities encompasses the real and monetary arguments suggested by
the optimum currency area literature: correlation of real and monetary shocks, international
factor mobility, fiscal adjustment, openness, difference in national inflationary
biases, and transactions costs. The effect of openness on the net benefits is ambiguous,
contrary to the usual argument that more open economies are better candidates for
a currency area. Also, prospective member countries do not necessarily agree on whether
a given currency union should be created.
Ключевые слова
cost-benefit analysis currency union exchange rate regimes monetary integration optimum currency areas
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[Книга]