On the theoretical determination of optimal currency areas in the framework of club theory
The paper provides an analytical approach to determine ex ante the optimal size (number ofparticipants) and the optimal monetary conditions (inflation rate) of a monetary union. In the first part, the case of homogenous members is presented from the »total economy point of view» put forward by club theory. In the second part, the case of heterogenous members is explained on the background of the prospective European Monetary Union. Here also the »individual member point of view» and stability problems are discussed.
Volume (Year): 9 (1996)
Issue (Month): 2 (Autumn)
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- Alesina, Alberto F & Grilli, Vittorio, 1993.
"On the Feasibility of a One- or Multi-Speed European Monetary Union,"
CEPR Discussion Papers
792, C.E.P.R. Discussion Papers.
- Alberto Alesina & Vittorio Grilli, 1993. "On the Feasibility of a One or Multi-Speed European Monetary Union," NBER Working Papers 4350, National Bureau of Economic Research, Inc.
- Canzoneri, Matthew B & Rogers, Carol Ann, 1990. "Is the European Community an Optimal Currency Area? Optimal Taxation versus the Cost of Multiple Currencies," American Economic Review, American Economic Association, vol. 80(3), pages 419-33, June.
- Hughes Hallett, A J & Vines, D, 1993. "On the Possible Costs of European Monetary Union," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(1), pages 35-64, March.
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