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Monetary Unions and External Shocks

  • Etienne Farvaque

    ()

    (University of Lille 1)

  • Norimichi Matsueda

    ()

    (Kwansei Gakuin University)

According to Bordo and James [2008, “A long term perspective on the Euro, ” NBER Working Paper, No. 13815], history shows that multinational monetary unions have dissolved mainly under the consequences of external shocks. This paper provides a theoretical model demonstrating their point.

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Paper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 42.

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Length: 11 pages
Date of creation: Oct 2008
Date of revision: Oct 2008
Handle: RePEc:kgu:wpaper:42
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  1. Corinne Aaron-Cureau & Hubert Kempf, 2004. "Bargaining over monetary policy in a monetary union and the case for appointing an independent central banker," Money Macro and Finance (MMF) Research Group Conference 2004 85, Money Macro and Finance Research Group.
  2. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, vol. 41(3-5), pages 753-760, April.
  3. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  4. Rudi Dornbusch & Carlo Favero & Francesco Giavazzi, 1998. "Immediate challenges for the European Central Bank," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 15-64, 04.
  5. Rudiger Dornbusch & Carlo A. Favero & Francesco Giavazzi, 1998. "The Immediate Challenges for the European Central Bank," NBER Working Papers 6369, National Bureau of Economic Research, Inc.
  6. Michael Bordo & Harold James, 2008. "A Long Term Perspective on the Euro," European Economy - Economic Papers 307, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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