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Financially sustainable optimal currency areas

Author

Listed:
  • André Cartapanis

    (Institut d'Études Politiques [IEP] - Aix-en-Provence)

  • Marie-Hélène Gagnon

    (ULaval - Université Laval [Québec])

  • Céline Gimet

    (Institut d'Études Politiques [IEP] - Aix-en-Provence, AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

Abstract

In current economic conditions, financial stability is paramount to the proper functioning of open markets. Financial stability must be balanced with financial flexibility. This relationship is deeply affected by financial fragmentation. This is why Central Banks have focused on these issues in the last decade in particular. Both financial stability and financial fragmentation have unintended consequences on optimal currency areas. In this paper, we survey the original optimal currency areas literature and relate it with the new literature on financial stability and financial fragmentation. We highlight the importance of new macroprudential policies both at the national and regional levels.

Suggested Citation

  • André Cartapanis & Marie-Hélène Gagnon & Céline Gimet, 2023. "Financially sustainable optimal currency areas," Post-Print hal-04165420, HAL.
    • Handle: RePEc:hal:journl:hal-04165420
    DOI: 10.1016/j.frl.2023.104059
    Note: View the original document on HAL open archive server: https://hal.science/hal-04165420
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