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Monetary Unions and Endogeneity of the OCA Criteria

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Author Info

  • Hiroya Akiba
  • Yukihiro Iida

Abstract

This article examines an endogeneity issue within the Optimum Currency Area (OCA) theory. According to the cost-benefit analysis, we found that there are the upper and the lower bounds in the degree of monetary integration for a monetary union to be created. We also found that a country may secede from the monetary union, depending on its degree of integration. A country may also secede when production specialization is facilitated with monetary integration within a framework of the “OCA line”. We also consider the endogeneity of the “OCA Index”, and applied our analysis to the optimum number of world currencies.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/12265080802692795
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Global Economic Review.

Volume (Year): 38 (2009)
Issue (Month): 1 ()
Pages: 101-116

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Handle: RePEc:taf:glecrv:v:38:y:2009:i:1:p:101-116

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Related research

Keywords: Monetary Union; OCA; endogeneity;

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Cited by:
  1. Andrea Bonilla Bolanos, 2012. "External vulnerabilities and economic integration. Is the Union of South American Nations a promising project?," Working Papers 1238, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
  2. Puiu, Cristina, 2010. "Endogenitatea criteriilor teoriei zonei monetare optime
    [The endogeneity of the optimum currency area criteria]
    ," MPRA Paper 28470, University Library of Munich, Germany.

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