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Currency Unions

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  • Ögren, Anders

    (Department of Economic History, Lund University)

Abstract

A currency union is when several independent sovereign nations share a common currency. This has been a recurring phenomenon in monetary history. In this article I study the theoretical foundations of such unions, and discuss some important currency unions in history, most notably the case of the US. Finally I contrast the design of the EMU with economic theories and historical experiences of currency unions.

Suggested Citation

  • Ögren, Anders, 2019. "Currency Unions," Lund Papers in Economic History 204, Lund University, Department of Economic History.
    • Handle: RePEc:hhs:luekhi:0204
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    References listed on IDEAS

    as
    1. Hugh Rockoff, 1999. "How Long Did It Take the United States to Become an Optimal Currency Area?," Departmental Working Papers 199910, Rutgers University, Department of Economics.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    3. Anders Ögren & Lars Fredrik Øksendal (ed.), 2012. "The Gold Standard Peripheries," Palgrave Macmillan Studies in Banking and Financial Institutions, Palgrave Macmillan, number 978-0-230-36231-4, June.
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    5. Obstfeld, Maurice, 1988. "The advantage of tying one's hands: EMS discipline and Central Bank credibility : Francesco Giavazzi and Marco Pagano," European Economic Review, Elsevier, vol. 32(5), pages 1077-1082, June.
    6. Tommaso Padoa-Schioppa, 2000. "The Eurosystem in the international monetary system : the European Monetary Union," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 1(02), pages 18-25, October.
    7. Francesco Paolo Mongelli, 2008. "European Economic and Monetary Integration, and the Optimum Currency Area Theory," European Economy - Economic Papers 2008 - 2015 302, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    8. Øksendal, Lars Fredrik, 2007. "The impact of the Scandinavian Monetary Union on financial market integration," Financial History Review, Cambridge University Press, vol. 14(2), pages 125-148, October.
    9. Luca L. Einaudi, 2000. "From the franc to the ‘Europe’: the attempted transformation of the Latin Monetary Union into a European Monetary Union, 1865-1873," Economic History Review, Economic History Society, vol. 53(2), pages 284-308, May.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Central banks; Fiscal systems; Monetary theory; Monetary policy; Optimum Currency Areas;
    All these keywords.

    JEL classification:

    • B27 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - International Trade and Finance
    • 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
    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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