منابع مشابه
A Model of an Optimum Currency Area
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 n...
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Soon after the establishment of the Eurozone it became obvious that the structural differences between member countries would not abate, as expected, but rather gradually widen. Although part of the problem can be attributed to the enlargement process, it also relates to asymmetric effects of the common currency and to diverging economic policies. This paper discusses the literature which assoc...
متن کاملTrade , International Business Cycles , and the Optimum Currency Area
This paper studies the co-movement of intra-Asian business cycles. Based on the regional bilateral trade statistics and using three de-trending techniques to examine several macroeconomic fundamentals, the negative trade effects prevailing in the cases of economic activity such as real GDP and industrial production indicate that tighter intraAsian trade may most likely lead to more idiosyncrati...
متن کاملConstructing a Model-based Optimum Currency Area Index
The EU acceding countries are supposed to adopt the Euro as soon as economic convergence is achieved. This paper offers a methodology to quantify the economic consequences of an acceding country’s EMU entrance. A small macroeconomic two-country model is specified and combined with two different monetary policy regimes: (i) national monetary policy, (ii) monetary union. The performance of the tw...
متن کاملJulius Horvath: Optimum currency area theory: A selective review
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ژورنال
عنوان ژورنال: Journal of International Money and Finance
سال: 2009
ISSN: 0261-5606
DOI: 10.1016/j.jimonfin.2009.06.001