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Beauty Queens and Wallflowers; Currency Unions in the Middle East and Central Asia

  • Katrin Elborgh-Woytek
  • Julian Berengaut
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    Against the background of the theory of optimum currency areas, the paper analyzes possible sequences for establishing a currency union (CU) in the Middle East and Central Asia region. Between the corner solutions of independent currencies for all countries in the region and a CU comprising all countries, a large number of combinations of member countries in the CU is possible. The analysis aims to determine the composition of potential CUs as a function of the country initiating the CU, an exogenously determined number of currencies in the region, and the weight attached to the particular selection criteria. Within this framework, the study seeks to establish whether some countries are consistently selected at early stages of the process, while others join only at later stages.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/226.

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    Length: 26
    Date of creation: 01 Oct 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/226
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    7. Bottazzi, Laura & Manasse, Paolo, 2002. "Credibility and Seigniorage in a Common Currency Area," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(4), pages 1034-46, November.
    8. Sebastian Edwards, 2006. "Monetary Unions, External Shocks and Economic Performance: A Latin American Perspective," NBER Working Papers 12229, National Bureau of Economic Research, Inc.
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      • Alberto Alesina & Robert J. Barro & Silvana Tenreyro, 2003. "Optimal Currency Areas," NBER Chapters, in: NBER Macroeconomics Annual 2002, Volume 17, pages 301-356 National Bureau of Economic Research, Inc.
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    18. Françoise Le Gall & L. Effie Psalida & Pietro Garibaldi & Julian Berengaut & Jerald Alan Schiff & Kerstin Westin & Augusto López-Claros & Richard E. Stern & Dennis Jones, 1998. "The Baltic Countries; From Economic Stabilization to EU Accession," IMF Occasional Papers 173, International Monetary Fund.
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    20. Tsangarides, Charalambos G. & Qureshi, Mahvash Saeed, 2008. "Monetary Union Membership in West Africa: A Cluster Analysis," World Development, Elsevier, vol. 36(7), pages 1261-1279, July.
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