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The theory of monetary integration

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Author Info
George Tavlas

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Abstract

Research dealing with the theory of monetary integration is reviewed. After briefly describing the genesis of the theory as foreshadowed in work on optimum currency areas, the paper assesses two main areas of recent research — the analysis of the effects of disturbances on participating countries in a currency area, and reputational considerations. With regard to disturbances, the paper finds that it is difficult to draw clear-out inferences from theoretical work on the optimal degree of exchange rate management and from empirical studies on the effects of shocks. Work on reputational issues is found to suffer from conceptual problems and has generated empirical results that have not supported the hypothesis that participation in a currency area is a sufficient condition to enhance reputation. Copyright Kluwer Academic Publishers 1994

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File URL: http://hdl.handle.net/10.1007/BF01000489
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Publisher Info
Article provided by Springer in its journal Open Economies Review.

Volume (Year): 5 (1994)
Issue (Month): 2 (March)
Pages: 211-230
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Handle: RePEc:kap:openec:v:5:y:1994:i:2:p:211-230

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Related research
Keywords: monetary integration; optimum currency areas; stochastic simulations; reputation;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Eichengreen, B., 1992. "Should the Maastricht Treaty be Saved?," Princeton Studies in International Economics 74, International Economics Section, Departement of Economics Princeton University,.
  2. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Paul R. Masson & Steven A. Symansky, 1993. "Evaluating the EMS and EMU Using Stochastic Simulations: Some Issues," IMF Working Papers 93/28, International Monetary Fund.
  4. Bean, Charles R, 1992. "Economic and Monetary Union in Europe," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 31-52, Fall. [Downloadable!] (restricted)
    Other versions:
  5. Baldwin, Richard & Krugman, Paul, 1989. "Persistent Trade Effects of Large Exchange Rate Shocks," The Quarterly Journal of Economics, MIT Press, vol. 104(4), pages 635-54, November. [Downloadable!] (restricted)
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  6. Bayoumi, Tamim & Taylor, Mark P, 1992. "Macroeconomic Shocks, the ERM, and Tri-Polarity," CEPR Discussion Papers 711, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Boyer, Russell S, 1978. "Optimal Foreign Exchange Market Intervention," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 1045-55, December. [Downloadable!] (restricted)
  8. Thomas Willett & Edward Tower, 1970. "Currency areas and exchange-rate flexibility," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 105(1), pages 48-65, September. [Downloadable!] (restricted)
  9. Hughes Hallett, Andrew & Minford, Patrick & Rastogi, Anupam, 1991. "The European Monetary System: Achievements and Survival," CEPR Discussion Papers 502, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  10. Dale Henderson, 1984. "Exchange Market Intervention Operations: Their Role in Financial Policy and Their Effects," NBER Chapters, in: Exchange Rate Theory and Practice, pages 359-406 National Bureau of Economic Research, Inc. [Downloadable!]
  11. Robert J. Barro & David B. Gordon, 1984. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Michele Fratianni & Juergen Hagen, 1992. "German dominance in the EMS:The empirical evidence," Open Economies Review, Springer, vol. 3(1), pages 127-128, February. [Downloadable!] (restricted)
  13. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-73, September. [Downloadable!] (restricted)
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  14. Fleming, J Marcus, 1971. "On Exchange Rate Unification," Economic Journal, Royal Economic Society, vol. 81(323), pages 467-88, September. [Downloadable!] (restricted)
  15. Dellas, Harris, 1988. "Time consistency and the feasibility of alternative exchange rate regimes," Journal of Monetary Economics, Elsevier, vol. 22(3), pages 461-472. [Downloadable!] (restricted)
  16. Michele Fratianni & Juergen Hagen, 1990. "German dominance in the EMS," Open Economies Review, Springer, vol. 1(1), pages 67-87, February. [Downloadable!] (restricted)
  17. Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January. [Downloadable!] (restricted)
  18. Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley. [Downloadable!]
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  19. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
  20. Flood, Robert P & Marion, Nancy Peregrim, 1982. "The Transmission of Disturbances under Alternative Exchange-Rate Regimes with Optimal Indexing," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 43-66, February. [Downloadable!] (restricted)
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  21. Tamim Bayoumi & Barry Eichengreen, 1992. "Is There a Conflict Between EC Enlargement and European Monetary Unification?," NBER Working Papers 3950, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  22. Jacob A. Frenkel & Joshua Aizenman, 1983. "Aspects of the Optimal Management of Exchange Rates," NBER Working Papers 0748, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Peter Wilson & Choy Keen Meng, 2006. "Prospects For Enhanced Exchange Rate Cooperation in East Asia: Some Preliminary Findings from Generalized PPP Theory," SCAPE Policy Research Working Paper Series 0601, National University of Singapore, Department of Economics, SCAPE. [Downloadable!]
    Other versions:
  2. Ernesto H. Stein & Jeffry Frieden & Piero Ghezzi, 2000. "Politics and Exchange Rates: A Cross-Country Approach to Latin America," RES Working Papers 3119, Inter-American Development Bank, Research Department. [Downloadable!]
  3. Thomas D. Willett, 2001. "The OCA Approach to Exchange Rate Regimes: A Perspective on Recent Developments," Claremont Colleges Working Papers 2001-04, Claremont Colleges. [Downloadable!]
  4. Nephil Matangi Maskay, 2003. "Patterns of Shocks and Regional Monetary Cooperation in South Asia," IMF Working Papers 03/240, International Monetary Fund. [Downloadable!]
  5. Wilson, Peter, 2002. "Prospects for Asian Monetary Cooperation After the Asian Financial Crisis. Pipedream or Possible Reality?," EIJS Working Paper Series 151, The European Institute of Japanese Studies. [Downloadable!]
  6. Sfia Daly, 2007. "The Choice of Exchange Rate Regimes in the MENA Countries: a Probit Analysis," William Davidson Institute Working Papers Series wp899, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  7. 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. [Downloadable!]
  8. Olawale Ogunkola, 2005. "An evaluation of the viability of a single monetary zone in ECOWAS," Research Papers RP_147, African Economic Research Consortium. [Downloadable!]
  9. Christian Proaño Acosta, 2007. "Inflation Differentials and Business Cycle Fluctuations in the European Monetary Union," IMK Working Paper 05-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  10. Balogun, Emmanuel Dele, 2008. "An alternative reconsideration of macroeconomic convergence criteria for West African Monetary Zone," MPRA Paper 11367, University Library of Munich, Germany. [Downloadable!]
  11. Paul Grauwe, 1996. "The economics of convergence: Towards monetary union in Europe," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 132(1), pages 1-27, March. [Downloadable!] (restricted)
  12. Johannes Groeneveld, 1998. "From the ERM with Love: Monetary Spillover Effects to Austria," Empirica, Springer, vol. 25(3), pages 331-345, January. [Downloadable!] (restricted)
  13. Dominick Salvatore, 1996. "The European monetary system: Crisis and future," Open Economies Review, Springer, vol. 7(1), pages 601-623, March. [Downloadable!] (restricted)
  14. Balogun, Emmanuel Dele, 2009. "Alternative reconsideration of output growth differrential for the West African Monetary Zone," MPRA Paper 13416, University Library of Munich, Germany. [Downloadable!]
  15. George S. Tavlas, 2008. "The Benefits and Costs of Monetary Union in Southern Africa: A Critical Survey of the Literature," Working Papers 70, Bank of Greece. [Downloadable!]
    Other versions:
  16. Balogun, Emmanuel Dele, 2007. "Monetary policy and economic performance of West African Monetary Zone Countries," MPRA Paper 4308, University Library of Munich, Germany. [Downloadable!]
  17. Grace Juhn & Paolo Mauro, 2002. "Long-Run Determinants of Exchange Rate Regimes: A Simple Sensitivity Analysis," IMF Working Papers 02/104, International Monetary Fund. [Downloadable!]
  18. Michele Fratianni, 2004. "Borders and the Constraints on Globalization," Working Papers 2004-05, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
    Other versions:
  19. Peter Backé & Christian Thimann & Olga Arratibel & Oscar Calvo-Gonzalez & Arnaud Mehl & Carolin Nerlich, 2004. "The acceding countries’ strategies towards ERM II and the adoption of the euro - an analytical review," Occasional Paper Series 10, European Central Bank. [Downloadable!]
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