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Endogenitatea criteriilor teoriei zonei monetare optime
[The endogeneity of the optimum currency area criteria]

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  • Puiu, Cristina
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    Abstract

    This paper aims to review existing literature on the endogenous effects of monetary integration: whether sharing a single currency may set in motion forces bringing countries closer together. The first part is a review of significant paper in the vast literature on the endogeneity of optimum currency area theory that focuses on the main criteria that are subject of this hypothesis. The second part considers empirical literature on the effects of monetary integration on trade and business cycle synchronization based on evidences provided by the euro area experience. The main conclusion is that the hypothesis attracted a large number of studies and, although they provide heterogeneous results caused by using different methodologies, they all indicate a positive effect.

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    File URL: http://mpra.ub.uni-muenchen.de/28470/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28470.

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    Date of creation: 25 Oct 2010
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    Handle: RePEc:pra:mprapa:28470

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    Keywords: optimum currency areas; endogeneity; business cycle correlation; Rose Effect;

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    1. Baldwin, Richard & Taglioni, Daria, 2006. "Gravity for Dummies and Dummies for Gravity Equations," CEPR Discussion Papers 5850, C.E.P.R. Discussion Papers.
    2. Zsolt Darvas & Gyorgy Szapary, 2008. "Euro Area Enlargement and Euro Adoption Strategies," IEHAS Discussion Papers 0824, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
    3. Cafiso, Gianluca, 2008. "Euro's influence upon trade: Rose effect versus border effect," Working Paper Series 0941, European Central Bank.
    4. Sergio de Nardis & Roberta De Santis & Claudio Vicarelli, 2007. "The Euro's Effect on Trade on a Dynamic Setting," ISAE Working Papers 80, ISTAT - Italian National Institute of Statistics - (Rome, ITALY).
    5. Hiroya Akiba & Yukihiro Iida, 2009. "Monetary Unions and Endogeneity of the OCA Criteria," Global Economic Review, Taylor & Francis Journals, vol. 38(1), pages 101-116.
    6. Maurice J. G. Bun & Franc J. G. M. Klaassen, 2007. "The Euro Effect on Trade is not as Large as Commonly Thought," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 69(4), pages 473-496, 08.
    7. Richard Baldwin & Virginia DiNino & Lionel Fontagn� & Roberto A. De Santis & Daria Taglioni, 2008. "Study on the Impact of the Euro on Trade and Foreign Direct Investment," European Economy - Economic Papers 321, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    8. Flam, Harry & Nordström, Håkan, 2006. "Trade Volume Effects of the Euro: Aggregate and Sector Estimates," Seminar Papers 746, Stockholm University, Institute for International Economic Studies.
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