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The Theory of Endogenous Optimum Currency Areas: A Critical Note - La teoria delle aree monetarie ottimali endogene: una nota critica

The paper critically considers the endogenous Optimum Currency Areas (or e-OCAs) theory, focussing initially on early studies having identified a relevant link between the creation of a monetary union and an upgrading of trade intensity between member countries, on the one hand, and the increase in trade flows and the similarity of their business cycles, on the other. Developments of this novel research domain are described, discovering new types of endogeneities both positive and negative, alongside some possible factors of exogeneity due to impact of institutional processes. Presently several elements of a satisfactory e-O CAs paradigm seem to be available, but the theory still lacks a much needed ripe relationship with the nascent reflections on optimal fiscal unions. - La nota considera in termini critici la teoria delle aree monetarie ottimali endogene, partendo dai primi studi che avevano messo in luce una relazione diretta fra la costituzione di un’unione monetaria e un aumento dei flussi commerciali fra paesi membri, da un lato, nonché fra il commercio reciproco e i co-movimenti dei loro cicli economici, dall’altro. Vengono anche descritti i recenti sviluppi di questo nuovo filone di ricerca, identificando altri tipi di endogeneità, con segni sia positivi, sia negativi, accanto ad alcuni possibili fattori di esogeneità dovuti ai processi istituzionali. Attualmente sembrano essere presenti molti elementi, in grado di dar vita a un nuovo paradigma interpretativo dell’endogeneità delle aree monetarie ottimali, per quanto sia ancora necessario completare il quadro con una riflessione matura che si estenda anche al caso dell’ottimalità delle unioni fiscali.

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Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

Volume (Year): 65 (2012)
Issue (Month): 1 ()
Pages: 83-95

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Handle: RePEc:ris:ecoint:0640
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  1. Francesco Paolo Mongelli, 2008. "European Economic and Monetary Integration, and the Optimum Currency Area Theory," European Economy - Economic Papers 302, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  2. Blanchard, Olivier J & Giavazzi, Francesco, 2001. "Macroeconomic Effects of Regulation and Deregulation in Goods and Labour Markets," CEPR Discussion Papers 2713, C.E.P.R. Discussion Papers.
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  9. Wolf, Nikolaus & Ritschl, Albrecht, 2003. "Endogeneity of Currency Areas and Trade Blocs: Evidence from the Inter-War Period," Papers 2004,10, Humboldt-Universität Berlin, Center for Applied Statistics and Economics (CASE).
  10. Thierry Warin & Phanindra V. Wunnava & Hubert P. Janicki, 2009. "Testing Mundell's Intuition of Endogenous OCA Theory," Review of International Economics, Wiley Blackwell, vol. 17(1), pages 74-86, 02.
  11. Jarko Fidrmuc, 2001. "The Endogeneity of the Optimum Currency Area Criteria, Intraindustry Trade, and EMU Enlargement," LICOS Discussion Papers 10601, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
  12. 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 Financial Affairs (DG ECFIN), European Commission.
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  15. Asdrubali, Pierfederico & Sorensen, Bent E & Yosha, Oved, 1996. "Channels of Interstate Risk Sharing: United States 1963-1990," The Quarterly Journal of Economics, MIT Press, vol. 111(4), pages 1081-1110, November.
  16. De Grauwe, Paul & Mongelli, Francesco Paolo, 2005. "Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?," Working Paper Series 0468, European Central Bank.
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  19. Giancarlo Corsetti & Paolo Pesenti, 2002. "Self-validating optimum currency areas," Staff Reports 152, Federal Reserve Bank of New York.
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