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Conditions for an Optimality of an Optimum Currency Area

Author

Listed:
  • Demopoulos, G.D.
  • Yannacopoulos, N.A.

Abstract

Two 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.

Suggested Citation

  • Demopoulos, G.D. & Yannacopoulos, N.A., 1998. "Conditions for an Optimality of an Optimum Currency Area," Athens University of Economics and Business 91, Athens University of Economics and Business, Department of International and European Economic Studies.
    • Handle: RePEc:fth:athebu:91
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    More about this item

    Keywords

    GAME THEORY ; MONETARY AREAS ; CURRENCIES;
    All these keywords.

    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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