Checking Out: Exits from Currency Unions
This paper studies the characteristics of departures from monetary unions. During the post-war period, almost seventy distinct countries or territories have left a currency union, while over sixty have remained continuously in currency unions. I compare countries leaving currency unions to those remaining within them, and find that leavers tend to be larger, richer, and more democratic; they also tend to have higher inflation. However, there are typically no sharp macroeconomic movements before, during, or after exits.
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- repec:hrv:faseco:4553033 is not listed on IDEAS
- Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
- Alberto Alesina & Robert Barro & Silvana Tenreyro, 2002.
"Optimal Currency Areas,"
Harvard Institute of Economic Research Working Papers
1958, Harvard - Institute of Economic Research.
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