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Trade and the Number of Optimum Currency Areas in the World

Author

Listed:
  • Artis, Michael J
  • Kohler, Marion
  • Melitz, Jacques

Abstract

This paper employs worldwide data on output and bilateral trade in order to identify optimum currency areas (OCA’s) on a global basis. By retaining only two of the many criteria that have been mentioned in the literature on OCA’s, it has been possible to use computer programming to do the identification. Based on the first of the two criteria, relating to trade, some large continental OCA’s can be discerned in the world. Adding the second criterion, which concerns symmetry-of-output-shocks, whittles down the size of the OCA’s. Nevertheless, some significant examples remain in the Americas, Europe and Asia, of which the European and the Asiatic are the most noteworthy.

Suggested Citation

  • Artis, Michael J & Kohler, Marion & Melitz, Jacques, 1998. "Trade and the Number of Optimum Currency Areas in the World," CEPR Discussion Papers 1926, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1926
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    Cited by:

    1. repec:onb:oenbwp:y::i:69:b:1 is not listed on IDEAS
    2. M.J. Artis, 2003. "Reflections on the optimal currency area (OCA) criteria in the light of EMU," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 297-307.

    More about this item

    Keywords

    Business Cycles; Optimal Currency Areas; Trade;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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