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Optimum Currency Areas and Key Currencies: Mundell I versus Mundell II

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  • Ronald I. McKinnon
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    Abstract

    The East Asian economies are increasingly integrated in trade and direct investment. More than 50 per cent of their foreign trade is with each other. Both the high growth and level of trade integration is similar to what the western European economies achieved in the 1960s. So, in the new millennium, the inevitable question arises: is East Asia also an optimum currency area (OCA)? Despite the apparent success of EMU, many writers familiar with the East Asian scene think not. Taking the seminal papers of Robert Mundell as the starting point, this article first analyses traditional theorizing on the pros and cons of international monetary integration and then suggests new approaches to the problem of international risk-sharing in OCAs. Copyright Blackwell Publishing Ltd 2004.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Common Market Studies.

    Volume (Year): 42 (2004)
    Issue (Month): 4 (November)
    Pages: 689-715

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    Handle: RePEc:bla:jcmkts:v:42:y:2004:i:4:p:689-715

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    Cited by:
    1. Schnabl, Gunther & Zemanek, Holger, 2011. "Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union," Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis 48685, Verein für Socialpolitik / German Economic Association.
    2. Yuliya Demyanyk & Vadym Volosovych, 2006. "Gains from Financial Integration in the European Union: Evidence for New and Old Members," Working Papers 06009, Department of Economics, College of Business, Florida Atlantic University, revised Aug 2007.
    3. Becchetti, Leonardo & Hasan, Iftekhar, 2005. "The Effects of (within and with EU) Regional Integration: Impact on Real Effective Exchange Rate Volatility, Institutional Quality and Growth for MENA Countries," Working Papers RP2005/73, World Institute for Development Economic Research (UNU-WIDER).
    4. Charlotte Christiansen & Angelo Ranaldo, 2008. "Extreme Coexceedances in New EU Member States' Stock Markets," Working Papers 2008-10, Swiss National Bank.
    5. Vladimir Gligorov & Anna Iara & Michael Landesmann & Robert Stehrer & Hermine Vidovic, 2008. "Western Balkan Countries: Adjustment Capacity to External Shocks, with a Focus on Labour Markets," wiiw Research Reports 352, The Vienna Institute for International Economic Studies, wiiw.
    6. Thomas Plümper & Vera E. Troeger, 2006. "Fear of Floating and the External Effects of Currency Unions," The Institute for International Integration Studies Discussion Paper Series iiisdp181, IIIS.
    7. Troeger, Vera, 2012. "Monetary Policy Flixibility in floating Exchange Rate Regimes: Currency Denomination and Import Shares," CAGE Online Working Paper Series 81, Competitive Advantage in the Global Economy (CAGE).
    8. Barbara Fritz & Laurissa Mühlich, 2006. "Regional Monetary Integration among Developing Countries: New Opportunities for Macroeconomic Stability beyond the Theory of Optimum Currency Areas?," GIGA Working Paper Series 38, GIGA German Institute of Global and Area Studies.
    9. Casimir Dadak, 2011. "Political Economy of the Euro Area Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 593-604, December.
    10. Francesco Paolo Mongelli, 2008. "European Economic and Monetary Integration, and the Optimum Currency Area Theory," European Economy - Economic Papers 302, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    11. Olga Arratibel & Reiner Martin & Davide Furceri, 2008. "Real convergence in Central and Eastern European EU member states - which role for exchange rate volatility?," Working Paper Series 929, European Central Bank.
    12. Plamen Iossifov & Misa Takebe & Zaijin Zhan & Noriaki Kinoshita & Robert C. York, 2009. "Improving Surveillance Across the CEMAC Region," IMF Working Papers 09/260, International Monetary Fund.

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