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Trade and the Number of OCAs in the World

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Author Info

  • Michael Artis

    ()

  • Marion Kohler
  • Jacques Mélitz

    ()

Abstract

This paper employs worldwide data on output and bilateral trade in order to identify optimum currency areas (OCAs) on a global basis. By retaining only two of the many criteria in the literature on OCAs, computer programming could serve to do the identification. The two chosen criteria relate to trade and the symmetry of shocks to output. Based on the first criterion, trade, some large continental OCAs emerge. Adding the second, symmetry, whittles down the size of these OCAs considerably. Nevertheless, some significant examples remain in the Americas, Europe and Asia, of which the European and the Asiatic are the most noteworthy. Copyright Kluwer Academic Publishers 1998

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File URL: http://hdl.handle.net/10.1023/A:1008321005387
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Bibliographic Info

Article provided by Springer in its journal Open Economies Review.

Volume (Year): 9 (1998)
Issue (Month): 1 (January)
Pages: 537-568

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Handle: RePEc:kap:openec:v:9:y:1998:i:1:p:537-568

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Web page: http://www.springerlink.com/link.asp?id=100323

Related research

Keywords: optimal currency areas; trade; business cycles;

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References

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  1. Agnès Bénassy-Quéré, 1997. "Optimal Pegs for Asian Currencies," Working Papers 1997-14, CEPII research center.
  2. Eichengreen, Barry & Bayoumi, Tamim, 1996. "Ever Closer to Heaven? An Optimum-Currency-Area Index for European Countries," Department of Economics, Working Paper Series qt5th597st, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  3. Hess, Gregory D & Shin, Kwanho, 1997. "International and Intranational Business Cycles," Oxford Review of Economic Policy, Oxford University Press, vol. 13(3), pages 93-109, Autumn.
  4. Artis, Michael J & Zhang, Wenda, 1997. "On Identifying the Core of EMU: An Exploration of Some Empirical Criteria," CEPR Discussion Papers 1689, C.E.P.R. Discussion Papers.
  5. Artis, Michael J & Zhang, W, 1997. "International Business Cycles and the ERM: Is There a European Business Cycle?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 2(1), pages 1-16, January.
  6. Honohan, Patrick, 1997. "Miniblocs and Fringe Currencies of the EMU," CEPR Discussion Papers 1704, C.E.P.R. Discussion Papers.
  7. Wei, S.J. & Frankel, J.A., 1992. "Yen Bloc or Dollar Bloc: Exchange Rate Policies of the East Asian Economies," Papers 92-08, University of Birmingham - International Financial Group.
  8. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, vol. 41(3-5), pages 753-760, April.
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Citations

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Cited by:
  1. Julius Horvath, 2004. "Optimum currency area theory: A selective review," Macroeconomics 0401014, EconWPA.
  2. Shu-ki Tsang, 2002. "Optimum Currency Area for Mainland HCina and Hong Kong? Empirical Tests," Working Papers 162002, Hong Kong Institute for Monetary Research.
  3. Schor, Armand-Denis, 2000. "La théorie des zones monétaires optimales : l’optimum, le praticable, le crédible et le réel," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(4), pages 545-576, décembre.
  4. Michele Fratianni & Dominick Salvatore & Paolo Savona, 1998. "Ideas for the Future of the International Monetary System: Conclusions and Remarks," Open Economies Review, Springer, vol. 9(1), pages 689-700, January.
  5. Banik, Nilanjan & Biswas, Basudeb & Criddle, Keith R., 2009. "Optimum currency area in South Asia: A state space approach," International Review of Economics & Finance, Elsevier, vol. 18(3), pages 502-510, June.
  6. Dumitru, Ionut, 2009. "Adoptarea euro in Romania
    [Euro adoption in Romania]
    ," MPRA Paper 18612, University Library of Munich, Germany.
  7. Kohler, Marion, 2004. "Competing coalitions in international monetary policy games," HWWA Discussion Papers 258, Hamburg Institute of International Economics (HWWA).
  8. Casimir Dadak, 2011. "Political Economy of the Euro Area Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 593-604, December.
  9. Joan Costa-Font & Montserrat Font-Vilalta, 2006. "A note on the feasibility of a monetary area in the East Asia," Asia Europe Journal, Springer, vol. 4(1), pages 53-58, April.
  10. Kearney, Colm, 1999. "The Asian Financial Crisis," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 1999(1-Februar), pages 29-55.
  11. Dominick Salvatore, 1998. "International Monetary and Financial Arrangements: Present and Future," Open Economies Review, Springer, vol. 9(1), pages 375-416, January.

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