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Exit from a Monetary Union through Euroization: Discipline without Chaos

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  • Russell Cooper
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    Abstract

    This paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit and argues that “Euroization” is both a credible and effective means of punishment for countries in default.

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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17908.

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    Date of creation: Mar 2012
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    Handle: RePEc:nbr:nberwo:17908

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