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Author : Edward Tower,Thomas D. Willett
Publisher : Unknown
Page : 132 pages
File Size : 44,7 Mb
Release : 1976
Category : Business & Economics
ISBN : UCSC:32106009046795
Author : Mr.Robert P. Flood,Mr.Joshua Aizenman
Publisher : International Monetary Fund
Page : 24 pages
File Size : 51,6 Mb
Release : 1992-05-01
Category : Business & Economics
ISBN : 9781451845747
Starting with Friedman and Mundell the academic literature has conducted a high level debate concerning the design of cross-country monetary arrangements. That debate has become very complex and the data requirements necessary for appropriate application of the principles developed are far beyond the means of the very nations for which the principles might be valuable. In this paper we return to the simplicity of the early arguments and formalize them in a way that may be helpful for currency area decisions where little is known about economic structure.
Author : Mr.Leonardo Leiderman,Mr. Mario I. Bléjer,Mr. David M. Cheney,Mr. Jacob A. Frenkel,Assaf Razin
Publisher : International Monetary Fund
Page : 126 pages
File Size : 51,7 Mb
Release : 1997-06-17
Category : Business & Economics
ISBN : 155775652X
Robert Mundell's pioneering theory of optimum currency areas is revisited, with experts from the IMF, the BIS, the European Investment Bank, academia, European think tanks, and the Bank of Israel looking at its current practical applications, especially in the context of the forthcoming European Economic and Monetary Union (EMU). Robert Mundell himself offers an update to help in assessing the implications and consequences of EMU.
Author : Sofia Roth
Publisher : GRIN Verlag
Page : 28 pages
File Size : 46,7 Mb
Release : 2018-06-04
Category : Business & Economics
ISBN : 9783668717053
Seminar paper from the year 2011 in the subject Economics - Macro-economics, general, , language: English, abstract: This term paper outlines the theory of Optimum Currency Area (OCA), also known as an Optimal Currency Region (OCR). It also deals with the question under which conditions it is more suitable to have a fixed exchange rate regime or a flexible exchange rates regime in an OCA. The theory of OCA was developed in the early 1960s and deals with mixed, complicated issues of international macroeconomics and "emerged from the debate on the advantages and disadvantages of fixed versus flexible exchange rate regimes". Moreover the theory "attempts to answer the question under which circumstances it is beneficiary for a country or region to constitute a common currency area with other countries or region". This question was analyzed and contributed by the pioneered work of Mundell (1961). Other contributors at the beginning of this theory were McKinnon (1962) and Kenen (1969). Their cognition were based on founding’s by Friedman (1953) and Meade (1957).
Author : Robert A. Mundell
Publisher : Unknown
Page : 24 pages
File Size : 42,5 Mb
Release : 1961
Category : Currency question
ISBN : STANFORD:36105120855205
Author : Harry G. Johnson,Alexander K. Swoboda
Publisher : Routledge
Page : 267 pages
File Size : 49,5 Mb
Release : 2013-07-18
Category : Business & Economics
ISBN : 9781135055257
Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses: the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area the evolution of economic doctrine and a survey of optimum currency area theory problems of policy co-ordination within a currency area relevance of the monetary-fiscal policy mix problems of monetary union in developing countries the book predicted the establishment of an European currency but presented the case for greater flexibility of exchange rates as an alternative to currency unification.
Author : Mr.Tamim Bayoumi
Publisher : International Monetary Fund
Page : 22 pages
File Size : 42,9 Mb
Release : 1994-04-01
Category : Business & Economics
ISBN : 9781451846171
A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union.
Author : Luca Antonio Ricci
Publisher : International Monetary Fund
Page : 50 pages
File Size : 43,9 Mb
Release : 1997-06
Category : Business & Economics
ISBN : UCSD:31822025983743
This paper investigates the circumstances under which it is beneficial to participate in a currency area. A 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 shocks, international factor mobility, fiscal adjustment, openness, difference in national inflationary biases, correlation of monetary shocks, and benefits of a single currency. 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. Countries do not necessarily agree on whether a given currency union should be created.
Author : Robert Lafrance,Pierre St-Amant,Bank of Canada
Publisher : Unknown
Page : 44 pages
File Size : 42,6 Mb
Release : 1999
Category : Equilibrium (Economics)
ISBN : IND:30000112263433
Surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms.
Author : Thorsten Mannherz
Publisher : GRIN Verlag
Page : 28 pages
File Size : 51,8 Mb
Release : 2017-10-17
Category : Business & Economics
ISBN : 9783668551343
Seminar paper from the year 2016 in the subject Economics - Finance, grade: 1,7, University of applied sciences, Cologne, course: Economics, language: English, abstract: On the 1st of January 1999, 11 European countries adopted the Euro as their official currency. A new Economic and Monetary Union with more than 300 million citizens was born. Sharing a common currency offers several advantages for countries, firms and citizens like enhanced cross-border trade, a better price transparency or the disappearance of foreign exchange rate risks. However, a Monetary Union also comes with constraints like the loss of exchange rate regime of its members which is an important instrument to fight adverse shocks. In order to minimize economic risks for its members and to foster the economic stability of the future European EMU, the European Union member states agreed to meet the Euro Convergence Criteria as a requirement to adopt the Euro. During the negotiations about the necessary criterion, the theory of Optimal Currency Areas – a theory which has its origin in the Bretton Woods era – was deliberately reincarnated by economists to verify whether or not the Eurozone can become a successful EMU. Until today the (traditional) OCA theory is often used by the literature and also by politicians to evince fundamental flaws of the Eurozone. This assignment investigates the Eurozone in the light of the theory of Optimal Currency Areas. In the first part of this assignment the main contributors to the theory of Optimal Currency Areas are enumerated and its most significant factors are explained. The second part applies the listed factors to the Eurozone in order to determine whether or not a specific criterion is fulfilled by the European EMU. A summary and conclusion complete this essay.
Author : Marin Muzhani
Publisher : Vernon Press
Page : 368 pages
File Size : 51,8 Mb
Release : 2018-03-31
Category : Business & Economics
ISBN : 9781622731770
This book compares and contrasts flexible versus fixed exchange rate regimes. Beginning with their theoretical justifications, it showcases their observed advantages and disadvantages as they played out in the currency crises of the 1990s and early 2000s across Asia, Europe and Latin America. An analysis of the drivers and implications of these crises singles out fast-paced liberalization and globalization as having played central roles. Moreover it sheds light on some of the factors contributing to the 2008 financial crisis and the key monetary events in its aftermath. An accessible, yet rigorous discussion, supported by extensive evidence, helps readers reach their own conclusions regarding the respective merits of alternative exchange rate systems.
Author : John R. Presley,Geoffrey Edwin James Dennis
Publisher : Macmillan of Canada : Maclean-Hunter Press
Page : 136 pages
File Size : 40,8 Mb
Release : 1976
Category : Business & Economics
ISBN : UOM:39015004059575
Author : Joshua Aizenman
Publisher : Unknown
Page : 24 pages
File Size : 51,7 Mb
Release : 2017
Category : Electronic
ISBN : OCLC:1290689456
Starting with Friedman and Mundell the academic literature has conducted a high level debate concerning the design of cross-country monetary arrangements. That debate has become very complex and the data requirements necessary for appropriate application of the principles developed are far beyond the means of the very nations for which the principles might be valuable. In this paper we return to the simplicity of the early arguments and formalize them in a way that may be helpful for currency area decisions where little is known about economic structure.
Author : Mr.Robert P. Flood,Ms.Nancy P. Marion
Publisher : International Monetary Fund
Page : 9 pages
File Size : 54,8 Mb
Release : 1991-09-01
Category : Business & Economics
ISBN : 9781451851328
Traditionally the choice of exchange rate regime has been seen as a second-best policy choice, which can be directed toward mitigating the distortionary effects of price or information rigidities. In this paradigm the optimal degree of exchange rate flexibility is found to depend of the source and nature of shocks hitting an economy. More recent literature views the exchange rate as a widely and frequently seen manifestation of government policy with careful exchange-rate management emerging as a tool that can enhance shaky policy credibility.
Author : Mr.Luca Antonio Ricci
Publisher : International Monetary Fund
Page : 35 pages
File Size : 40,8 Mb
Release : 1998-02-01
Category : Business & Economics
ISBN : 9781451927351
This paper shows that exchange rate variability promotes agglomeration of economic activity. Under flexible rates, firms located in large markets have lower variability of sales, reinforcing concentration of firms there. Empirical evidence on OECD countries demonstrates (1) that the negative effect of country size on variability of industrial production is stronger after the 1973 collapse of fixed rates and (2) for small (large) countries, exchange rates variability has a long-run negative (positive) effect on net inward FDI flows. Two implications arise: creating a currency area fosters agglomeration in the area, and a two-stage EMU may exacerbate the current uneven regional development.