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Which Single Currency for Western Europe?

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  • Kutan, Ali M
  • Melvin, Michael

Abstract

The Maastricht Treaty calls for a single European money in the third and final stage of European monetary integration. The purpose of this paper is to infer the preferred currency from the point of view of economic agents in each EMS country by ranking the realized distributions of returns from holding foreign currencies. Those rankings are obtained using the notion of generalized stochastic dominance. The preferred currency varies with time and the portfolio considered. In all cases, the ECU is not supported as a likely dominant money. Copyright 1996 by Blackwell Publishing Ltd.

Suggested Citation

  • Kutan, Ali M & Melvin, Michael, 1996. "Which Single Currency for Western Europe?," Review of International Economics, Wiley Blackwell, vol. 4(2), pages 247-255, June.
  • Handle: RePEc:bla:reviec:v:4:y:1996:i:2:p:247-55
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    Cited by:

    1. Hallett, Andrew Hughes & Anthony, Myrvin L., 1997. "Exchange rate behaviour under the EMS regime: was there any systematic change?," Journal of International Money and Finance, Elsevier, vol. 16(4), pages 537-560, August.

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