Advanced Search
MyIDEAS: Login

La théorie des zones monétaires optimales : l’optimum, le praticable, le crédible et le réel

Contents:

Author Info

  • Schor, Armand-Denis

    (C.A.D.R.E., Université Lille 2)

Registered author(s):

    Abstract

    The theory of the optimum currency areas—OCA—has been, for forty years, an unavoidable framework regarding the choice of the exchange's mode. Of Keynesian inspiration, it initially supplements the friedmanian plea in favor of the generalized floating exchange rate mode. Improved, then deeply renewed by taking into account time inconsistency and the theory of credibility—the new theory of the optimal currency areas—, Mundell's construction is still robust and topical. The OCA theory maintains all its relevance at a time of rising regional unions, it is currently being used to help Canada determine the optimal mode of exchange vis-a-vis the currency of the United States—float, dollarization, monetary union—, or to help the Asian countries tempted by the peg and by regional solutions. La théorie des zones monétaires optimales est, depuis quarante ans, un cadre d’analyse incontournable en matière de choix du régime de change. D’inspiration keynésienne, elle s’inscrit initialement en complément du plaidoyer friedmanien en faveur du flottement généralisé. Enrichie, puis profondément renouvelée par la prise en compte de la cohérence temporelle et de la théorie de la crédibilité — la nouvelle théorie des zones monétaires optimales —, la construction de Mundell est toujours aussi robuste et actuelle. Elle conserve toute sa pertinence à l’heure de la montée en puissance des unions régionales, elle est aujourd’hui utilisée pour aider le Canada à déterminer le régime de change optimal face à la monnaie des États-Unis — flottement, dollarisation, union monétaire —, ou les pays asiatiques tentés par l’ancrage et les solutions régionales.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://id.erudit.org/iderudit/602337ar
    Download Restriction: no

    Bibliographic Info

    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 76 (2000)
    Issue (Month): 4 (décembre)
    Pages: 545-576

    as in new window
    Handle: RePEc:ris:actuec:v:76:y:2000:i:4:p:545-576

    Contact details of provider:
    Email:
    Web page: http://www.scse.ca/
    More information through EDIRC

    Related research

    Keywords:

    References

    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.:
    as in new window
    1. Michael Artis & Marion Kohler & Jacques Mélitz, 1998. "Trade and the Number of OCAs in the World," Open Economies Review, Springer, vol. 9(1), pages 537-568, January.
    2. Melitz, Jacques, 1995. "The current impasse in research on optimum currency areas," European Economic Review, Elsevier, vol. 39(3-4), pages 492-500, April.
    3. 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.
    4. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
    5. Alun H. Thomas & Tamim Bayoumi, 1994. "Relative Prices and Economic Adjustment in the U.S. and the EU," IMF Working Papers 94/65, International Monetary Fund.
    6. Masson, Paul R, 1994. "The Credibility of the United Kingdom's Commitment to the ERM : Intentions versus Actions," The Warwick Economics Research Paper Series (TWERPS) 430, University of Warwick, Department of Economics.
    7. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc.
    8. Beine, Michel & Hecq, Alain, 1997. "Asymmetric Shocks Inside Future EMU," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 12, pages 131-140.
    9. Paul R. Masson & Steven A. Symansky, 1993. "Evaluating the EMS and EMU Using Stochastic Simulations," IMF Working Papers 93/28, International Monetary Fund.
    10. 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.
    11. Xavier Sala-i-Martin & Jeffrey Sachs, 1991. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States," NBER Working Papers 3855, National Bureau of Economic Research, Inc.
    12. Bayoumi, Tamim & Masson, Paul R., 1995. "Fiscal flows in the United States and Canada: Lessons for monetary union in Europe," European Economic Review, Elsevier, vol. 39(2), pages 253-274, February.
    13. Bayoumi, Tamim, 1994. "A Formal Model of Optimum Currency Areas," CEPR Discussion Papers 968, C.E.P.R. Discussion Papers.
    14. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
    15. Alesina, A. & Prati, A. & Tabellini, G., 1989. "Public Confidence And Debt Management: A Model And A Case Study Of Italy," Papers 5, California Los Angeles - Applied Econometrics.
    16. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
    17. Giavazzi, Francesco & Pagano, Marco, 1988. "The advantage of tying one's hands : EMS discipline and Central Bank credibility," European Economic Review, Elsevier, vol. 32(5), pages 1055-1075, June.
    18. Barry Eichengreen, 1991. "Is Europe an Optimum Currency Area?," NBER Working Papers 3579, National Bureau of Economic Research, Inc.
    19. Masson, Paul R & Taylor, Mark P, 1992. "Common Currency Areas and Currency Unions: An Analysis of the Issues," CEPR Discussion Papers 617, C.E.P.R. Discussion Papers.
    20. Fatás, Antonio, 1997. "EMU: Countries or Regions? Lessons from the EMS Experience," CEPR Discussion Papers 1558, C.E.P.R. Discussion Papers.
    21. Lionel Fontagné & Michael Freudenberg, 1999. "Endogenous Symmetry of Shocks in a Monetary Union," Open Economies Review, Springer, vol. 10(3), pages 263-287, July.
    22. Buiter, Willem H, 1999. "The EMU and the NAMU: What is the Case for North American Monetary Union?," CEPR Discussion Papers 2181, C.E.P.R. Discussion Papers.
    23. Haaland, J.I. & Kind, H.J. & knarvik, K.H.M. & Torstensson, J., 1998. "What Determines the Economic Geography of Europe?," Papers 19/98, Norwegian School of Economics and Business Administration-.
    24. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of European Monetary Unification," CEPR Discussion Papers 643, C.E.P.R. Discussion Papers.
    25. Jacques Mélitz, 1995. "A suggested reformulation of the theory of optimal currency areas," Open Economies Review, Springer, vol. 6(3), pages 281-298, July.
    26. Hammond, George & von Hagen, Jürgen, 1995. "Regional Insurance Against Asymmetric Shocks. An Empirical Study for the European Community," CEPR Discussion Papers 1170, C.E.P.R. Discussion Papers.
    27. Rose, Andrew K, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," CEPR Discussion Papers 2329, C.E.P.R. Discussion Papers.
    28. Masson, Paul R, 1996. "Fiscal Dimensions of EMU," Economic Journal, Royal Economic Society, vol. 106(437), pages 996-1004, July.
    29. Amano, Robert A. & van Norden, Simon, 1995. "Terms of trade and real exchange rates: the Canadian evidence," Journal of International Money and Finance, Elsevier, vol. 14(1), pages 83-104, February.
    30. Antonio Fatás, 1998. "Does EMU need a fiscal federation?," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 163-203, 04.
    31. Atish R. Ghosh & Holger C. Wolf, 1994. "How Many Monies? A Genetic Approach to Finding Optimum Currency Areas," NBER Working Papers 4805, National Bureau of Economic Research, Inc.
    32. De Grauwe, Paul, 1992. "German monetary unification," European Economic Review, Elsevier, vol. 36(2-3), pages 445-453, April.
    33. G Milesi-Feretti, 1993. "The Disadvantage of Tying Their Hands: On the Political Economy of Policy Commitments," CEP Discussion Papers dp0125, Centre for Economic Performance, LSE.
    34. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
    35. 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.
    36. Edwards, Sebastian, 1996. "Exchange Rates and the Political Economy of Macroeconomic Discipline," American Economic Review, American Economic Association, vol. 86(2), pages 159-63, May.
    37. Agnès Bénassy-Quéré & Benoît Mojon & Armand-Denis Schor, 1998. "The International Role of the Euro," Working Papers 1998-03, CEPII research center.
    38. Krugman, Paul R, 1991. "Target Zones and Exchange Rate Dynamics," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 669-82, August.
    39. De Grauwe, Paul & Vanhaverbeke, Wim, 1991. "Is Europe an Optimum Currency Area? Evidence from Regional Data," CEPR Discussion Papers 555, C.E.P.R. Discussion Papers.
    40. Boone, Laurence & Maurel, Mathilde, 1999. "An Optimal Currency Area Perspective of the EU Enlargement to the CEECs," CEPR Discussion Papers 2119, C.E.P.R. Discussion Papers.
    41. Bayoumi, Tamim & Eichengreen, Barry, 1996. "Operationalizing the Theory of Optimum Currency Areas," CEPR Discussion Papers 1484, C.E.P.R. Discussion Papers.
    42. Lafrance, Robert & St-Amant, Pierre, 1999. "Optimal Currency Areas: A Review of the Recent Literature," Working Papers 99-16, Bank of Canada.
    43. Bayoumi, Tamim & Thomas, Alun, 1994. "Relative Prices and Economic Adjustment in the US and EU: A Real Story About European Monetary Union," CEPR Discussion Papers 988, C.E.P.R. Discussion Papers.
    44. Alberto Alesina & Vittorio Grilli, 1993. "On the Feasibility of a One or Multi-Speed European Monetary Union," NBER Working Papers 4350, National Bureau of Economic Research, Inc.
    45. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
    46. George S. Tavlas, 1993. "The ‘New’ Theory of Optimum Currency Areas," The World Economy, Wiley Blackwell, vol. 16(6), pages 663-685, November.
    47. McCallum, John, 1995. "National Borders Matter: Canada-U.S. Regional Trade Patterns," American Economic Review, American Economic Association, vol. 85(3), pages 615-23, June.
    48. Paul R. Masson, 1994. "The Credibility of the United Kingdom's Commitment to the Erm," IMF Working Papers 94/147, International Monetary Fund.
    49. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of Monetary Unification," Department of Economics, Working Paper Series qt791143kp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    50. Nick Chamie & Alain DeSerres & Rene Lalonde, 1994. "Optimum Currency Areas and Shock Asymmetry A Comparison of Europe and the United States," International Finance 9406001, EconWPA, revised 23 Jun 1994.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:ris:actuec:v:76:y:2000:i:4:p:545-576. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruce Shearer).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.