Trade and the Number of Optimum Currency Areas in the World
AbstractThis paper employs worldwide data on output and bilateral trade in order to identify optimum currency areas (OCA’s) on a global basis. By retaining only two of the many criteria that have been mentioned in the literature on OCA’s, it has been possible to use computer programming to do the identification. Based on the first of the two criteria, relating to trade, some large continental OCA’s can be discerned in the world. Adding the second criterion, which concerns symmetry-of-output-shocks, whittles down the size of the OCA’s. Nevertheless, some significant examples remain in the Americas, Europe and Asia, of which the European and the Asiatic are the most noteworthy.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1926.
Date of creation: Jul 1998
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Find related papers by JEL classification:
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F15 - International Economics - - Trade - - - Economic Integration
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
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- M.J. Artis, 2002.
"Reflections on the Optimal Currency Area (oca) Criteria in the Light of EMU,"
Working Papers Central Bank of Chile
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- M.J. Artis, 2003. "Reflections on the optimal currency area (OCA) criteria in the light of EMU," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 297-307.
- Artis, Michael J., 2002. "Reflections on the Optimal Currency Area (OCA) criteria in the light of EMU," Working Papers 69, Oesterreichische Nationalbank (Austrian Central Bank).
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