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Sobre la creación de áreas monetarias óptimas. El aporte de Robert Mundell

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  • Ana M. Martirena-Mantel

    (Instituto Torcuato Di Tella - CONICET)

Abstract

This paper reviews the ideas introduced by Mundell (1961) about the formation of an optimal currency area (OCA). We discuss in detail the cost of fully giving up the exchange rate policy instrument and the benefits associated to having a one-currency area in a process of trade integration. Based on the concepts reviewed we analyze how to determine the domain of an OCA and we argue about the existence of a natural sequencing in the process of integration. All these issues are of great importance to evaluate the viability of a monetary union as the next step in the Mercosur process of integration.

Suggested Citation

  • Ana M. Martirena-Mantel, 2003. "Sobre la creación de áreas monetarias óptimas. El aporte de Robert Mundell," Económica, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 0(1-2), pages 97-115, January-D.
    • Handle: RePEc:lap:journl:534
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    Cited by:

    1. Paredes, Gonzalo J., 2017. "Ecuador: why exit dollarization?," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.

    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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