IDEAS home Printed from https://ideas.repec.org/a/bla/ecopol/v5y1993i2p187-203.html
   My bibliography  Save this article

Beyond Emu: The Problem Of Sustainability

Author

Listed:
  • BENJAMIN J. COHEN

Abstract

A common currency, as envisioned in the Maastricht treaty, is thought to be the surest way to “lock in” commitments to monetary cooperation among sovereign states. But historical evidence suggests otherwise. Comparative analysis of six currency unions demonstrates that while economic and organizational factors are influential in determining the sustainability of monetary cooperation, interstate politics matters most. Compliance with commitments is greatest in the presence of either a locally dominant state, willing and able to use its influence to sustain monetary cooperation, or a broad network of institutional linkages sufficient to make the loss of monetary autonomy tolerable to each partner.

Suggested Citation

  • Benjamin J. Cohen, 1993. "Beyond Emu: The Problem Of Sustainability," Economics and Politics, Wiley Blackwell, vol. 5(2), pages 187-203, July.
  • Handle: RePEc:bla:ecopol:v:5:y:1993:i:2:p:187-203
    DOI: 10.1111/j.1468-0343.1993.tb00074.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1468-0343.1993.tb00074.x
    Download Restriction: no

    References listed on IDEAS

    as
    1. Mark P. Taylor & Peter Isard & Morris Goldstein & Paul R Masson, 1992. "Policy Issues in the Evolving International Monetary System," IMF Occasional Papers 96, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ecopol:v:5:y:1993:i:2:p:187-203. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley Content Delivery). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0954-1985 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.