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Vecchie e nuove teorie delle aree monetarie ottimali

Author

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  • Pompeo Della Posta

Abstract

The paper surveys old and new theories of optimum currency areas by following a unifying "logical" rather than "chronological" approach. The fall of credibility theory as the "new" theory of optimum currency areas obliged to go back to the "old" criteria while focusing, however, also on supply shocks. Moreover, the conclusions reached by the theory of self-fulfilling speculative attacks stress the difference between irrevocably fixed exchange rates and monetary union. As a consequence, I suggest referring to the theory of optimum monetary rather than currency areas. Finally, the difficulty of these criteria to explain the desire of peripheral countries to adhere to a monetary union (as in the case of the EMU), obliges to abandon the static framework. By considering a dynamic approach, it is also possible to interpret political reasons, often deemed to be crucial and considered separately from the economic ones, as referring to the economic, long term, benefits resulting from monetary unification.

Suggested Citation

  • Pompeo Della Posta, 2003. "Vecchie e nuove teorie delle aree monetarie ottimali," Discussion Papers 2003/5, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    • Handle: RePEc:pie:dsedps:2003/5
    Note: ISSN 2039-1854
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    File URL: https://www.ec.unipi.it/documents/Ricerca/papers/2003-5.pdf
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    Citations

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    Cited by:

    1. Luciano Fanti & Luca Gori, 2012. "Endogenous Lifetime in an Overlapping-Generations Small Open Economy," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(2), pages 121-152, June.
    2. Luca Spataro, 2003. "Social Security And Retirement Decisions In Italy," Discussion Papers 2003/1, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    3. Lorenzo Corsini & Pier Mario Pacini & Luca Spataro, 2010. "Workers' Choice on Pension Schemes: an Assessment of the Italian TFR Reform Through Theory and Simulations," Discussion Papers 2010/96, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    4. Luciano Fanti & Luca Gori, 2008. "PAYG pensions and economic cycles: exogenous versus endogenous fertility," Discussion Papers 2008/75, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

    More about this item

    Keywords

    Optimum Currency Areas;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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