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How Many Monies? A Genetic Approach to Finding Optimum Currency Areas

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Atish R. Ghosh
Holger C. Wolf

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Abstract

Recent moves towards greater monetary integration in Western Europe - and disintegration in Eastern Europe and the former Soviet Union - have rekindled interest in the theoretical and empirical aspects of optimal currency areas (OCA). In this paper, we examine the marginal benefit of increasing the number of currency unions within a given geographical area. We look at six regions; the United States, Europe, the G7, the CFA zone, the FSU and the world at large. Our results suggest that (i) contiguous monetary unions are typically dominated by non-contiguous unions; (ii) neither Europe nor the United States form an optimum currency area, for both regions the costs of adopting a single currency exceeds estimates of the transaction cost savings; (iii) Germany and the United States will almost never find it to their (economic) advantage to join monetary unions.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4805.

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Date of creation: Jul 1994
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Handle: RePEc:nbr:nberwo:4805

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C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
F31 - International Economics - - International Finance - - - Foreign Exchange

References listed on IDEAS
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  1. Robert P. Flood & Joshua Aizenman, 1992. "A Theory of Optimum Currency Areas: Revisited," IMF Working Papers 92/39, International Monetary Fund.
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  1. Yin-Wong Cheung & Jude Yuen, 2004. "An Output Perspective on a Northeast Asia Currency Union," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  2. Yin-wong Cheung & Jude Yuen, 2004. "The Suitability of A Greater China Currency Union," Working Papers 122004, Hong Kong Institute for Monetary Research. [Downloadable!]
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  3. Julius Horvath, 2004. "Optimum currency area theory: A selective review," Macroeconomics 0401014, EconWPA. [Downloadable!]
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  4. Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2002. "Optimal Currency Areas," NBER Working Papers 9072, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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