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The Pros and Cons of North American Monetary Integration

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Author Info
Sven W. Arndt () (Lowe Institute of Political Economy, Claremont McKenna College)

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Abstract

This study examines the major arguments for and against enhanced monetary integration in North America, with particular emphasis on the Canadian perspective. In this context, the question is whether the current floating rate regime should be replaced by greater fixity of exchange rates in relation to the U.S. dollar. While the choice among fixed rate systems is wide in priciple, for practical purposes the Canadian debate centres on the pros and cons of monetary union. Although much of the debate focuses on traditional concerns of macroeconomic stability and policy management, some observers suspect that the floating rate system has retarded the development of high tech manufacturing. The study reviews the core arguments for and against fixed rates and currency union; examines problems associated with nominal rigidities; and assesses the role of exchange rate regimes in the evolution of economic structure. It considers trade-offs among alternative exchange rate regimes, and takes up the political dimension of closer monetary cooperation.

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Paper provided by Lowe Institute of Political Economy in its series Working Papers with number 0202.

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Length: 38 pages
Date of creation: 2002
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Handle: RePEc:loi:wpaper:0202

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Keywords: monetary union; regional integration; NAFTA;

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References listed on IDEAS
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    Other versions:
  3. Coricelli, Fabrizio & Cukierman, Alex & Dalmazzo, Alberto, 2001. "Economic Performance and Stabilization Policy in a Monetary Union with Imperfect Labour and Goods Markets," CEPR Discussion Papers 2745, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September. [Downloadable!] (restricted)
  5. Alexander, Volbert & von Furstenberg, George M., 2000. "Monetary unions--a superior alternative to full dollarization in the long run," The North American Journal of Economics and Finance, Elsevier, vol. 11(2), pages 205-225, December. [Downloadable!] (restricted)
  6. Hughes Hallett, Andrew & Viegi, Nicola, 2001. "Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?," CEPR Discussion Papers 2979, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  7. Thomas Willett & Edward Tower, 1970. "Currency areas and exchange-rate flexibility," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 105(1), pages 48-65, September. [Downloadable!] (restricted)
  8. Rüdiger Soltwedel & Dirk Dohse & Christiane Krieger-Boden, 1999. "EMU Challenges European Labor Markets," IMF Working Papers 99/131, International Monetary Fund.
  9. Thomas D. Willett, 2001. "Truth in Advertising and The Great Dollarization Scam," Claremont Colleges Working Papers 2001-05, Claremont Colleges. [Downloadable!]
  10. Willett, Thomas D., 2001. "Truth in advertising and the great dollarization scam," Journal of Policy Modeling, Elsevier, vol. 23(3), pages 279-289, April. [Downloadable!] (restricted)
  11. Hochreiter, Eduard, 2000. "Exchange rate regimes and capital mobility: issues and some lessons from central and eastern European applicant countries," The North American Journal of Economics and Finance, Elsevier, vol. 11(2), pages 155-171, December. [Downloadable!] (restricted)
  12. Wagner, Helmut, 2000. "Which exchange rate regimes in an era of high capital mobility?," The North American Journal of Economics and Finance, Elsevier, vol. 11(2), pages 191-203, December. [Downloadable!] (restricted)
  13. Eduardo Borensztein & Andrew Berg, 2000. "The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies," IMF Working Papers 00/29, International Monetary Fund.
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  14. Gylfasonabc, Thorvaldur, 2000. "Fix or flex? Alternative exchange rate regimes in an era of global capital mobility," The North American Journal of Economics and Finance, Elsevier, vol. 11(2), pages 173-189, December. [Downloadable!] (restricted)
  15. Murray, John, 2000. "Why Canada needs a flexible exchange rate," The North American Journal of Economics and Finance, Elsevier, vol. 11(1), pages 41-60, August. [Downloadable!] (restricted)
  16. Bayoumi, T. & Eichengreen, B., 1994. "One Money or Many? Analysing the Prospects for Monetary Unification in Various Parts of the World," Princeton Studies in International Economics 76, International Economics Section, Departement of Economics Princeton University,.
  17. Murray, J. & Van Norden, S. & Vigfusson, R., 1996. "Excess Volatility and Speculative Bubbles in the Canadian Dollar: Real of Imagined?," Technical Reports 76, Bank of Canada. [Downloadable!]
  18. Grubel, Herbert G., 2000. "The merit of a Canada-US monetary union," The North American Journal of Economics and Finance, Elsevier, vol. 11(1), pages 19-40, August. [Downloadable!] (restricted)
  19. Courchene, Thomas J. & Harris, Richard G., 2000. "North American Monetary Union: analytical principles and operational guidelines," The North American Journal of Economics and Finance, Elsevier, vol. 11(1), pages 3-18, August. [Downloadable!] (restricted)
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