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Beauty Queens and Wallflowers--Currency Unions in the Middle East and Central Asia

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Author Info
Julian Berengaut
Katrin Elborgh-Woytek
Abstract

Against the background of the theory of optimum currency areas, the paper analyzes possible sequences for establishing a currency union (CU) in the Middle East and Central Asia region. Between the corner solutions of independent currencies for all countries in the region and a CU comprising all countries, a large number of combinations of member countries in the CU is possible. The analysis aims to determine the composition of potential CUs as a function of the country initiating the CU, an exogenously determined number of currencies in the region, and the weight attached to the particular selection criteria. Within this framework, the study seeks to establish whether some countries are consistently selected at early stages of the process, while others join only at later stages.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/226.

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Length: 26 pages
Date of creation: 17 Oct 2006
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Handle: RePEc:imf:imfwpa:06/226

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Keywords: Currency union ; optimum currency areas ; middle east ; central asia ; Monetary unions ; Middle East and Central Asia ;

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  1. Alberto Alesina & Robert J. Barro, 2002. "Currency Unions," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 409-436, May. [Downloadable!] (restricted)
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  2. Etienne B. Yehoue, 2005. "On the Pattern of Currency Blocs in Africa," IMF Working Papers 05/45, International Monetary Fund. [Downloadable!]
  3. D. Mario Nuti, 2002. "Costs and benefits of unilateral euroization in central eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 419-444, July. [Downloadable!] (restricted)
  4. Sebastian Edwards, 2006. "Monetary unions, external shocks and economic performance: A Latin American perspective," International Economics and Economic Policy, Springer, vol. 3(3), pages 225-247, December. [Downloadable!] (restricted)
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  5. Alejandro Micco & Ernesto Stein & Guillermo OrdoÒez, 2003. "The currency union effect on trade: early evidence from EMU," Economic Policy, CEPR, CES, MSH, vol. 18(37), pages 315-356, October. [Downloadable!] (restricted)
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  6. Belkacem Laabas and Imed Limam, . "Are GCC Countries Ready for Currency Union?," API-Working Paper Series 0203, Arab Planning Institute - Kuwait, Information Center. [Downloadable!]
  7. Julian Berengaut & Pietro Garibaldi & Dennis Jones & Françoise Le Gall & L. Effie Psalida & Jerald Alan Schiff & Richard E. Stern & Kerstin Westin & Augusto López-Claros, 1998. "The Baltic Countries: From Economic Stabilization to EU Accession," IMF Occasional Papers 173, International Monetary Fund.
  8. Roland G. Fryer, Jr. & Paul Torelli, 2005. "An Empirical Analysis of 'Acting White'," NBER Working Papers 11334, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Rose, Andrew K & Engel, Charles, 2002. "Currency Unions and International Integration," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(4), pages 1067-89, November.
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  10. Andrew K. Rose & T. D. Stanley, 2005. "A Meta-Analysis of the Effect of Common Currencies on International Trade *," Journal of Economic Surveys, Blackwell Publishing, vol. 19(3), pages 347-365, 07. [Downloadable!] (restricted)
  11. Marcelo Sánchez, 2005. "Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation," Working Paper Series 567, European Central Bank. [Downloadable!]
  12. Kirsanova, Tatiana & Vines, David & Wren-Lewis, Simon, 2006. "Fiscal Policy and Macroeconomic Stability Within a Currency Union," CEPR Discussion Papers 5584, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  13. Marianne Baxter & Michael A. Kouparitsas, 2006. "What Determines Bilateral Trade Flows?," NBER Working Papers 12188, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  14. Andrea Ferrero, 2005. "Fiscal and Monetary Rules for a Currency Union," Macroeconomics 0508020, EconWPA. [Downloadable!]
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  15. Luca Antonio Ricci, 1997. "A Model of an Optimum Currency Area," IMF Working Papers 97/76, International Monetary Fund.
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  16. Alberto Alesina & Robert Barro & Silvana Tenreyro, 2002. "Optimal Currency Areas," Harvard Institute of Economic Research Working Papers 1958, Harvard - Institute of Economic Research. [Downloadable!]
    Other versions:
    • Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2002. "Optimal Currency Areas," NBER Working Papers 9072, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    • Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2003. "Optimal Currency Areas," NBER Chapters, in: NBER Macroeconomics Annual 2002, Volume 17, pages 301-356 National Bureau of Economic Research, Inc. [Downloadable!]
  17. Andrew Rose, 2004. "A Meta-Analysis of the Effect of Common Currencies on International Trade," NBER Working Papers 10373, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  18. Jeffrey A. Frankel & Andrew K. Rose, 2000. "Estimating the Effect of Currency Unions on Trade and Output," NBER Working Papers 7857, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  19. Bottazzi, Laura & Manasse, Paolo, 2002. "Credibility and Seigniorage in a Common Currency Area," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(4), pages 1034-46, November.
  20. Edwards, Sebastian & Magendzo, I-Igal, 2002. "Independent Currency Unions, Growth, and Inflation," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(S1), pages 215-32, December. [Downloadable!]
  21. Xavier Debrun & Paul R. Masson & Catherine A. Pattillo, 2003. "Monetary Union in West Africa: Who Might Gain, Who Might Lose, and Why?," IMF Working Papers 02/226, International Monetary Fund. [Downloadable!]
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  22. Charalambos G. Tsangarides & Mahvash Saeed Qureshi, 2006. "What is Fuzzy About Clustering in West Africa?," IMF Working Papers 06/90, International Monetary Fund. [Downloadable!]
  23. Chernookiy Valery, 2005. "Adjustment to the Asymmetric Shocks and Currency Unions: the Case of Belarus and Russia," EERC Working Paper Series 05-07e, EERC Research Network, Russia and CIS. [Downloadable!]
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