Conditions for an Optimality of an Optimum Currency Area
AbstractTwo approaches to the theory of OCA are distinguished in this paper. The first attempts to define the OCA from the point of view of a single country, and the second examines the optimality of a currency area of a given size anf membership. The present paper after reviewing the drawbacks of the marginalistic approach which looks at the determination of a currency area from the point of view of a single country, deals with the second approach, and argues that a currency area is optimal when the welfare functions of its constituent members are in the core.
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Bibliographic InfoPaper provided by Athens University of Economics and Business in its series DEOS Working Papers with number 91.
Length: 12 pages
Date of creation: 1998
Date of revision:
GAME THEORY ; MONETARY AREAS ; CURRENCIES;
Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
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