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, Department of International and European Economic Studies in its series Athens University of Economics and Business with number 91.
Length: 12 pages
Date of creation: 1998
Date of revision:
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Postal: Athens University of Economics and Business, Department of International and European Economic Studies. Parission 76, Athens Greece 10434
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GAME THEORY ; MONETARY AREAS ; CURRENCIES;
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