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Common Currency Areas and Currency Unions: An Analysis of the Issues

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Author Info
Masson, Paul R
Taylor, Mark P

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Abstract

This paper discusses the conditions under which currency unions would be desirable and viable. We discuss and present new empirical evidence concerning the operation of existing currency unions in federal states and among regional country groupings. In particular, we examine the traditional criteria for optimal currency areas and present evidence concerning the shock-absorbing properties of federal fiscal systems and the discipline imposed on the public sector by financial markets. We also examine the implications of economic heterogeneity across a currency union, and whether or not convergence should be achieved before rather than after the union occurs. In addition, some issues relating to the possible transition towards monetary union in Europe are considered.

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Publisher Info
Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 617.

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Date of creation: Feb 1992
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Handle: RePEc:cpr:ceprdp:617

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Related research
Keywords: Currency Union; EMU; Fiscal Policy; Monetary Policy; Monetary Union;

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Find related papers by JEL classification:
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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  1. Alain DeSerres & Rene Lalonde, . "Symetrie des chocs touchant les regions canadiennes et choix d'un regime de change," Working Papers 94-9, Bank of Canada. [Downloadable!]
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  2. António Afonso & Davide Furceri, 2007. "Business cycle synchronization and insurance mechanisms in the EU," Working Paper Series 844, European Central Bank. [Downloadable!]
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  3. Fidrmuc, J. & Horvath, J., 1998. "Stability of monetary unions : lessons from the break-up of Czechoslovakia," Discussion Paper 74, Tilburg University, Center for Economic Research. [Downloadable!]
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  4. George S. Tavlas, 2008. "The Benefits and Costs of Monetary Union in Southern Africa: A Critical Survey of the Literature," Working Papers 70, Bank of Greece. [Downloadable!]
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  5. Buiter, Willem H, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  6. Willem H. Buiter, 1999. "The EMU and the NAMU: What is the Case for North American Monetary Union?," Canadian Public Policy, University of Toronto Press, vol. 25(3), pages 285-305, September. [Downloadable!] (restricted)
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  7. Michel Beine & FréDéric Docquier, 1998. "A Stochastic Simulation Model of an Optimum Currency Area," Open Economies Review, Springer, vol. 9(3), pages 229-257, July. [Downloadable!] (restricted)
  8. Marion Kohler, . "Coalition formation in international monetary policy games," Bank of England working papers 92, Bank of England. [Downloadable!]
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  9. Jordan, Cally & Majnoni, Giovanni, 2002. "Financial regulatory harmonization and the globalization of finance," Policy Research Working Paper Series 2919, The World Bank. [Downloadable!]
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