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Endogénéité des critères d'une zone monétaire optimale: un réexamen
[Endogeneity of the optimum currency area criteria: a re-examination]

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  • Gammadigbé, Vigninou

Abstract

In the context of the theory of the optimum currency areas, Frankel and Rose [1998] have proposed the endogeneity thesis of the optimality criteria which they demonstrate by highlighting a significantly positive relation between business cycles synchronization and trade intensity of the monetary union countries. This demonstration admits limits and can lead to erroneous conclusions. It hides an important dimension of the endogeneity of the optimality criteria: the business cycles convergence. From the experience of three monetary unions, we first demonstrate that the endogeneity of the monetary unions can only and rigorously be verified afterwards. We demonstrate secondly that, in addition to a positive relation between business cycles synchronization and trade integration, a cyclical convergence of the economies over the period prior to the monetary union would make the thesis of endogeneity more plausible.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 46727.

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Date of creation: May 2013
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Handle: RePEc:pra:mprapa:46727

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Keywords: Optimum currency area; Cyclical convergence; Trade integration; Asymmetric shocks;

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  1. Roland Vaubel, 1976. "Real exchange-rate changes in the European community: The empirical evidence and its implications for European currency unification," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 112(3), pages 429-470, September.
  2. Jean Imbs, 2004. "Trade, Finance, Specialization, and Synchronization," The Review of Economics and Statistics, MIT Press, vol. 86(3), pages 723-734, August.
  3. Vaubel, Roland, 1978. "Real exchange-rate changes in the European community : A new approach to the determination of optimum currency areas," Journal of International Economics, Elsevier, Elsevier, vol. 8(2), pages 319-339, May.
  4. Tapsoba Jules-Armand, 2007. "Bilateral Trade and Business Cycles Synchronization: African Monetary Integration Perspective," Economics Bulletin, AccessEcon, vol. 6(25), pages 1-15.
  5. S. Jules-Armand Tapsoba, 2009. "Trade Intensity and Business Cycle Synchronicity in Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 18(2), pages 287-318, March.
  6. repec:ebl:ecbull:v:6:y:2007:i:25:p:1-15 is not listed on IDEAS
  7. de Grauwe, Paul, 1975. "The interaction of monetary policies in a group of European countries," Journal of International Economics, Elsevier, Elsevier, vol. 5(3), pages 207-228, August.
  8. Sampawende Jules Tapsoba, 2011. "Union Monétaire en Afrique de l'Ouest: Quelles Réponses à l'Hétérogénéité des Chocs ?," Working Papers, HAL halshs-00554309, HAL.
  9. Fleming, J Marcus, 1971. "On Exchange Rate Unification," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 81(323), pages 467-88, September.
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