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Conditions for an Optimality of an Optimum Currency Area

Author

Listed:
  • Demopoulos, G.D.
  • Yannacopoulos, N.A.

Abstract

Two approaches to the theory of OCA are distinguished in this paper. The first attempts to define the OCA from the point of view of a single country, and the second examines the optimality of a currency area of a given size anf membership. The present paper after reviewing the drawbacks of the marginalistic approach which looks at the determination of a currency area from the point of view of a single country, deals with the second approach, and argues that a currency area is optimal when the welfare functions of its constituent members are in the core.

Suggested Citation

  • Demopoulos, G.D. & Yannacopoulos, N.A., 1998. "Conditions for an Optimality of an Optimum Currency Area," DEOS Working Papers 91, Athens University of Economics and Business.
  • Handle: RePEc:aue:wpaper:91
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    References listed on IDEAS

    as
    1. Tsakloglou, Panos & Antoninis, Manos, 1999. "On the distributional impact of public education: evidence from Greece," Economics of Education Review, Elsevier, pages 439-452.
    2. Theodoros Mitrakos & Panos Tsakloglou, 2010. "Analyzing and comparing the impact of alternative concepts of resources in distributional studies: Greece, 2004/5," Working Papers 111, Bank of Greece.
    3. Patrinos, Harry Anthony, 1995. "Socioeconomic background, schooling, experience, ability and monetary rewards in Greece," Economics of Education Review, Elsevier, vol. 14(1), pages 85-91, March.
    4. Aaron, Henry & McGuire, Martin, 1970. "Public Goods and Income Distribution," Econometrica, Econometric Society, vol. 38(6), pages 907-920, November.
    5. Tsakloglou, Panos, 1993. "Aspects of inequality in Greece : Measurement, decomposition and intertemporal change: 1974, 1982," Journal of Development Economics, Elsevier, vol. 40(1), pages 53-74, February.
    6. Psacharopoulos, George, 1982. "Earnings and education in Greece, 1960–1977," European Economic Review, Elsevier, vol. 17(3), pages 333-347.
    7. Jimenez, Emmanuel, 1986. "The Public Subsidization of Education and Health in Developing Countries: A Review of Equity and Efficiency," World Bank Research Observer, World Bank Group, vol. 1(1), pages 111-129, January.
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    More about this item

    Keywords

    GAME THEORY ; MONETARY AREAS ; CURRENCIES;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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