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The Theory of Endogenous Optimum Currency Areas: A Critical Note - La teoria delle aree monetarie ottimali endogene: una nota critica

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The paper critically considers the endogenous Optimum Currency Areas (or e-OCAs) theory, focussing initially on early studies having identified a relevant link between the creation of a monetary union and an upgrading of trade intensity between member countries, on the one hand, and the increase in trade flows and the similarity of their business cycles, on the other. Developments of this novel research domain are described, discovering new types of endogeneities both positive and negative, alongside some possible factors of exogeneity due to impact of institutional processes. Presently several elements of a satisfactory e-O CAs paradigm seem to be available, but the theory still lacks a much needed ripe relationship with the nascent reflections on optimal fiscal unions. - La nota considera in termini critici la teoria delle aree monetarie ottimali endogene, partendo dai primi studi che avevano messo in luce una relazione diretta fra la costituzione di un’unione monetaria e un aumento dei flussi commerciali fra paesi membri, da un lato, nonché fra il commercio reciproco e i co-movimenti dei loro cicli economici, dall’altro. Vengono anche descritti i recenti sviluppi di questo nuovo filone di ricerca, identificando altri tipi di endogeneità, con segni sia positivi, sia negativi, accanto ad alcuni possibili fattori di esogeneità dovuti ai processi istituzionali. Attualmente sembrano essere presenti molti elementi, in grado di dar vita a un nuovo paradigma interpretativo dell’endogeneità delle aree monetarie ottimali, per quanto sia ancora necessario completare il quadro con una riflessione matura che si estenda anche al caso dell’ottimalità delle unioni fiscali.

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  • Praussello, Franco, 2012. "The Theory of Endogenous Optimum Currency Areas: A Critical Note - La teoria delle aree monetarie ottimali endogene: una nota critica," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 65(1), pages 83-95.
    • Handle: RePEc:ris:ecoint:0640
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    More about this item

    Keywords

    OCAs; Endogenous Optimum Currency Areas; EMU; Eurozone; Monetary Union;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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