Endogenitatea criteriilor teoriei zonei monetare optime
[The endogeneity of the optimum currency area criteria]
This paper aims to review existing literature on the endogenous effects of monetary integration: whether sharing a single currency may set in motion forces bringing countries closer together. The first part is a review of significant paper in the vast literature on the endogeneity of optimum currency area theory that focuses on the main criteria that are subject of this hypothesis. The second part considers empirical literature on the effects of monetary integration on trade and business cycle synchronization based on evidences provided by the euro area experience. The main conclusion is that the hypothesis attracted a large number of studies and, although they provide heterogeneous results caused by using different methodologies, they all indicate a positive effect.
|Date of creation:||25 Oct 2010|
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0824, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
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