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Beyond Emu: The Problem Of Sustainability

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  • BENJAMIN J. COHEN
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    Abstract

    A common currency, as envisioned in the Maastricht treaty, is thought to be the surest way to "lock in" commitments to monetary cooperation among sovereign states. But historical evidence suggests otherwise. Comparative analysis of six currency unions demonstrates that while economic and organizational factors are influential in determining the sustainability of monetary cooperation, interstate politics matters most. Compliance with commitments is greatest in the presence of either a locally dominant state, willing and able to use its influence to sustain monetary cooperation, or a broad network of institutional linkages sufficient to make the loss of monetary autonomy tolerable to each partner. Copyright 1993 Blackwell Publishers Ltd..

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Economics & Politics.

    Volume (Year): 5 (1993)
    Issue (Month): 2 (07)
    Pages: 187-203

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    Handle: RePEc:bla:ecopol:v:5:y:1993:i:2:p:187-203

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    Cited by:
    1. Eichler, Stefan, 2012. "Financial crisis risk, ECB “non-standard” measures, and the external value of the euro," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(3), pages 257-265.
    2. William Fuchs & Francesco Lippi, 2004. "Monetary union with voluntary participation," Temi di discussione (Economic working papers) 512, Bank of Italy, Economic Research and International Relations Area.
    3. Fidrmuc, Jan & Horvath, Julius & Fidrmuc, Jarko, 1999. "Stability of monetary unions: Lessons from the break-up of Czechoslovakia," ZEI Working Papers B 17-1999, ZEI - Center for European Integration Studies, University of Bonn.
    4. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
    5. Dellas, Harris & Tavlas, George S., 2001. "Lessons of the euro for dollarization: Analytic and political economy perspectives," Journal of Policy Modeling, Elsevier, vol. 23(3), pages 333-345, April.
    6. Fidrmuc, J. & Fidrmuc, J., 2000. "Integration, Disintegration and Trade in Europe: Evolution of Trade Relations during the 1990s," Discussion Paper 2000-12, Tilburg University, Center for Economic Research.
    7. Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
    8. Jonung, Lars & Sjöholm, Fredrik, 1998. "Should Finland and Sweden Form a Monetary Union?," Working Paper Series in Economics and Finance 224, Stockholm School of Economics.
    9. Eichler, Stefan & Hielscher, Kai, 2012. "Does the ECB act as a lender of last resort during the subprime lending crisis?: Evidence from monetary policy reaction models," Journal of International Money and Finance, Elsevier, vol. 31(3), pages 552-568.
    10. Balogun, Emmanuel Dele, 2008. "An Empirical Test of Trade Gravity Model Criteria for the West African Monetary Zone (WAMZ)," MPRA Paper 7083, University Library of Munich, Germany.
    11. Francesco Menoncin & Marco Tronzano, 2005. "Is a Monetary Union a Never-Ending Story?," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 25-49.
    12. Rose, Andrew K, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," CEPR Discussion Papers 2329, C.E.P.R. Discussion Papers.
    13. Etienne B. Yehoue, 2007. "The CFA Arrangements," IMF Working Papers 07/19, International Monetary Fund.
    14. Annamaria Simonazzi & Andrea Ginzburg & Gianluigi Nocella, 2013. "Economic relations between Germany and southern Europe," Cambridge Journal of Economics, Oxford University Press, vol. 37(3), pages 653-675.
    15. Mkenda, Beatrice Kalinda, 2001. "Is East Africa an Optimum Currency Area?," Working Papers in Economics 41, University of Gothenburg, Department of Economics.
    16. Etienne B. Yehoue, 2005. "International Risk Sharing and Currency Unions," IMF Working Papers 05/95, International Monetary Fund.
    17. Balogun, Emmanuel Dele, 2007. "Monetary policy and economic performance of West African Monetary Zone Countries," MPRA Paper 4308, University Library of Munich, Germany.

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