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Optimum currency area theory: A selective review

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  • Julius Horvath

    (Professor & Chair Department of International Relations & European Studies Central European University Budapest)

Abstract

The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory. The author focuses on the main classical contributions, then considers modern treatment of OCA theory. The second part considers empirical literature on the types of geographical areas that might constitute optimum currency areas, particularly with respect to asymmetry and symmetry of shocks.

Suggested Citation

  • Julius Horvath, 2004. "Optimum currency area theory: A selective review," Macroeconomics 0401014, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpma:0401014
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    Cited by:

    1. Babetskii, Ian & Boone, Laurence & Maurel, Mathilde, 2002. "Exchange Rate Regimes and Supply Shocks Asymmetry: The Case of the Accession Countries," CEPR Discussion Papers 3408, C.E.P.R. Discussion Papers.
    2. Helmut Frisch, 2003. "The euro and its consequences: What makes a currency strong?," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 31(1), pages 15-31, March.
    3. Samuel Braithwaite, 2017. "What Do Demand and Supply Shocks Say About Caribbean Monetary Integration?," The World Economy, Wiley Blackwell, vol. 40(5), pages 949-962, May.
    4. Mohd Hussain Kunroo, 2015. "Theory of Optimum Currency Areas," Review of Market Integration, India Development Foundation, vol. 7(2), pages 87-116, August.
    5. Csaba, László, 2006. "A stabilitási és növekedési egyezmény új politikai gazdaságtanáról [On the new political economy of the Stability and Growth Pact]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-30.
    6. Dobrinsky, Rumen, 2006. "Catch-up inflation and nominal convergence: The balancing act for new EU entrants," Economic Systems, Elsevier, vol. 30(4), pages 424-442, December.
    7. Kocenda, Evzen & Kutan, Ali M. & Yigit, Taner M., 2006. "Pilgrims to the Eurozone: How far, how fast?," Economic Systems, Elsevier, vol. 30(4), pages 311-327, December.
    8. Landais, Bernard, 2018. "Renoncer à la théorie des zones monétaires optimales ? [Renouncing to the Optimal Currency Aera Theory ?]," MPRA Paper 85695, University Library of Munich, Germany.
    9. Jan Babecky & Oxana Babetskaia-Kukharchuk & Kamil Galuscak & Dana Hajkova & Jaroslav Hermanek & Tomas Holub & Roman Horvath & Petr Jakubik & Lubos Komarek & Zlatuse Komarkova & Petr Kral & Filip Novot, 2008. "Analyses of the Czech Republic's Current Economic Alignment with the Euro Area 2008," Occasional Publications - Edited Volumes, Czech National Bank, number as08 edited by Dana Hajkova.
    10. Tyrowicz, Joanna, 2009. "When Eastern Labour Markets Enter Western Europe CEECs. Labour Market Institutions upon Euro Zone Accession," MPRA Paper 15045, University Library of Munich, Germany.
    11. Graham Bird & Ramkishen Rajan, 2002. "The Political Economy of A Trade-First Approach to Regionalism," Centre for International Economic Studies Working Papers 2002-18, University of Adelaide, Centre for International Economic Studies.
    12. Rokas Bancevičius, 2011. "New EU member states and the Euro: economic readiness, benefits and costs," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 38(4), pages 461-480, November.
    13. Mária Tokárová, 2004. "Vývoj teórií konkurencie, súťaživosti a protimonopolnej politiky [Eevolution of theories of competition, competitiveness and antimonopoly policy]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(3), pages 389-410.
    14. Fabio Masini, 2014. "A history of the theories on Optimum Currency Areas," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1015-1038, December.
    15. Horvath, Julius & Ratfai, Attila, 2004. "Supply and demand shocks in accession countries to the Economic and Monetary Union," Journal of Comparative Economics, Elsevier, vol. 32(2), pages 202-211, June.
    16. Kamil Janáček & Stanislava Janáčková, 2004. "Evropská měnová unie a rizika pro reálnou konvergenci [European monetary union and risks for real convergence]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(4), pages 433-447.
    17. Mikek, Peter, 2009. "Does trade integration contribute to synchronization of shocks in Europe?," MPRA Paper 101413, University Library of Munich, Germany.
    18. Memet Agustiar, 2018. "The Single Currency For Islamic Nations: Do Heterogeneities Matter?," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 4(2), pages 1-14, November.
    19. Puiu, Cristina, 2011. "Optimum currency area: an epistemological view," MPRA Paper 35055, University Library of Munich, Germany.
    20. Omar Bakkou, 2014. "The Suitable Exchange Rate Regime for the Moroccan Economy," International Journal of Economics and Financial Issues, Econjournals, vol. 4(3), pages 612-621.

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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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