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South-south monetary integration: the case for a research framework beyond the theory of optimum currency area

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  • Barbara Fritz
  • Laurissa Muhlich

Abstract

Optimum Currency Area (OCA) theory proves inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies since the 1990s. Building on the concept of 'original sin' developed by Eichengreen et al. (2006), we argue that a different conceptual framework is needed as these regional monetary South-South integration (SSI) schemes differ fundamentally from North-South arrangements because they involve none of the international reserve currencies. In-sights from the cases of monetary south-south cooperation in Southern Africa, East Asia and Latin America suggest that SSI can have beneficial effects on macroeconomic stability. This paper sketches a first set of hypotheses on the necessary conditions for these stability gains to materialise.

Suggested Citation

  • Barbara Fritz & Laurissa Muhlich, 2010. "South-south monetary integration: the case for a research framework beyond the theory of optimum currency area," International Journal of Public Policy, Inderscience Enterprises Ltd, vol. 6(1/2), pages 118-135.
    • Handle: RePEc:ids:ijpubp:v:6:y:2010:i:1/2:p:118-135
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    Citations

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    Cited by:

    1. Mulatu F. Zehirun & Marthinus C. Breitenbach & Francis Kemegue, 2014. "Monetary Integration in SADC: Assessment of Policy Coordination and Real Effective Exchange Rate Stability," Working Papers 201473, University of Pretoria, Department of Economics.
    2. Brida, Juan Gabriel & Gómez, David Matesanz & Seijas, Maria Nela, 2017. "Debt and growth: A non-parametric approach," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 486(C), pages 883-894.
    3. Anokye M. Adam & Kwabena Kyei & Simiso Moyo & Ryan Gill & Emmanuel N. Gyamfi, 2022. "Multifrequency network for SADC exchange rate markets using EEMD-based DCCA," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(1), pages 145-166, January.

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