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A Formal Model Of Optimum Currency Areas
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Book Synopsis A Formal Model of Optimum Currency Areas by : Mr.Tamim Bayoumi
Download or read book A Formal Model of Optimum Currency Areas written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1994-04-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correlation between these disturbances, the costs of transactions across currencies, factor mobility across regions, and the interrelationships between demand for different goods. It is found that, while a currency union can raise the welfare of the regions within the union, it unambiguously lowers welfare for those outside the union.
Book Synopsis A Formal Model of Optimum Currency Areas by : Tamim A. Bayoumi
Download or read book A Formal Model of Optimum Currency Areas written by Tamim A. Bayoumi and published by . This book was released on 1994 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A formal model of optimum currency areas by : Fondo Monetario Internacional
Download or read book A formal model of optimum currency areas written by Fondo Monetario Internacional and published by . This book was released on 1994 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Model of an Optimum Currency Area by : Mr.Luca Antonio Ricci
Download or read book A Model of an Optimum Currency Area written by Mr.Luca Antonio Ricci and published by International Monetary Fund. This book was released on 1997-06-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the circumstances under which it is beneficial to participate in a currency area. A two-country monetary model of trade with nominal rigidities encompasses the real and monetary arguments suggested by the optimum currency area literature: correlation of real shocks, international factor mobility, fiscal adjustment, openness, difference in national inflationary biases, correlation of monetary shocks, and benefits of a single currency. The effect of openness on the net benefits is ambiguous, contrary to the usual argument that more open economies are better candidates for a currency area. Countries do not necessarily agree on whether a given currency union should be created.
Book Synopsis A Theory of Optimum Currency Areas by : Mr.Joshua Aizenman
Download or read book A Theory of Optimum Currency Areas written by Mr.Joshua Aizenman and published by International Monetary Fund. This book was released on 1992-05 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Starting with Friedman and Mundell the academic literature has conducted a high level debate concerning the design of cross-country monetary arrangements. That debate has become very complex and the data requirements necessary for appropriate application of the principles developed are far beyond the means of the very nations for which the principles might be valuable. In this paper we return to the simplicity of the early arguments and formalize them in a way that may be helpful for currency area decisions where little is known about economic structure.
Book Synopsis A Model of an Optimum Currency Area by : Luca A. Ricci
Download or read book A Model of an Optimum Currency Area written by Luca A. Ricci and published by . This book was released on 2006 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the circumstances under which it is beneficial to participate in a currency area. A two-country monetary model of trade with nominal rigidities encompasses the real and monetary arguments suggested by the optimum currency area literature: correlation of real shocks, international factor mobility, fiscal adjustment, openness, difference in national inflationary biases, correlation of monetary shocks, and benefits of a single currency. The effect of openness on the net benefits is ambiguous, contrary to the usual argument that more open economies are better candidates for a currency area. Countries do not necessarily agree on whether a given currency union should be created.
Book Synopsis The Theory of Optimal Currency Areas. Pros and Cons of the Eurozone by : Thorsten Mannherz
Download or read book The Theory of Optimal Currency Areas. Pros and Cons of the Eurozone written by Thorsten Mannherz and published by GRIN Verlag. This book was released on 2017-10-17 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Economics - Finance, grade: 1,7, University of applied sciences, Cologne, course: Economics, language: English, abstract: On the 1st of January 1999, 11 European countries adopted the Euro as their official currency. A new Economic and Monetary Union with more than 300 million citizens was born. Sharing a common currency offers several advantages for countries, firms and citizens like enhanced cross-border trade, a better price transparency or the disappearance of foreign exchange rate risks. However, a Monetary Union also comes with constraints like the loss of exchange rate regime of its members which is an important instrument to fight adverse shocks. In order to minimize economic risks for its members and to foster the economic stability of the future European EMU, the European Union member states agreed to meet the Euro Convergence Criteria as a requirement to adopt the Euro. During the negotiations about the necessary criterion, the theory of Optimal Currency Areas – a theory which has its origin in the Bretton Woods era – was deliberately reincarnated by economists to verify whether or not the Eurozone can become a successful EMU. Until today the (traditional) OCA theory is often used by the literature and also by politicians to evince fundamental flaws of the Eurozone. This assignment investigates the Eurozone in the light of the theory of Optimal Currency Areas. In the first part of this assignment the main contributors to the theory of Optimal Currency Areas are enumerated and its most significant factors are explained. The second part applies the listed factors to the Eurozone in order to determine whether or not a specific criterion is fulfilled by the European EMU. A summary and conclusion complete this essay.
Book Synopsis A Theory of Optimum Currency Areas by : Robert A. Mundell
Download or read book A Theory of Optimum Currency Areas written by Robert A. Mundell and published by . This book was released on 1961 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Theory of Optimum Currency Areas by : Hsien Yun Pu
Download or read book The Theory of Optimum Currency Areas written by Hsien Yun Pu and published by . This book was released on 2005 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Currency Areas by : Robert Lafrance
Download or read book Optimal Currency Areas written by Robert Lafrance and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Surveys the recent literature on optimal currency areas (OCAs). Topics that are covered include theoretical developments in the context of general-equilibrium models and empirical work on shocks asymmetry and adjustment mechanisms.
Book Synopsis The Theory of Optimum Currency Areas, Trade Adjustment and Trade by : Jacques Melitz
Download or read book The Theory of Optimum Currency Areas, Trade Adjustment and Trade written by Jacques Melitz and published by . This book was released on 1993 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Theory of Optimum Currency Areas: Revisited by : Joshua Aizenman
Download or read book A Theory of Optimum Currency Areas: Revisited written by Joshua Aizenman and published by . This book was released on 1992 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dominant Currency Paradigm: A New Model for Small Open Economies by : Camila Casas
Download or read book Dominant Currency Paradigm: A New Model for Small Open Economies written by Camila Casas and published by International Monetary Fund. This book was released on 2017-11-22 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.
Author :Warner Max Corden Publisher :Princeton, N.J. : International Finance Section, Princeton University ISBN 13 : Total Pages :58 pages Book Rating :4.3/5 ( download)
Book Synopsis Monetary Integration by : Warner Max Corden
Download or read book Monetary Integration written by Warner Max Corden and published by Princeton, N.J. : International Finance Section, Princeton University. This book was released on 1972 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Optimum-Currency-Area Odyssey by : G. S. Tavlas
Download or read book An Optimum-Currency-Area Odyssey written by G. S. Tavlas and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of optimum-currency-areas was conceived and developed in three highly influential papers, written by Mundell (1961), McKinnon (1963) and Kenen (1969). Those authors identified characteristics that potential members of a monetary union should ideally possess in order to make it feasible to surrender a nationally- tailored monetary policy and the adjustment of an exchange rate of a national currency. We trace the development of optimum currency- area theory, which, after a flurry of research into the subject in the 1960s, was relegated to intellectual purgatory for about 20 years. We then discuss factors that led to a renewed interest into the subject, beginning in the early 1990s. Milton Friedman plays a pivotal role in our narrative; Friedman's work on monetary integration in the early 1950s presaged subsequent optimum-currency-area contributions; Mundell's classic formulation of an optimal currency area was aimed, in part, at refuting Friedman's ''strong'' case for floating exchange rates; and Friedman's work on the role of monetary policy had the effect of helping to revive interest in optimum-currency-area analysis. The paper concludes with a discussion of recent analytical work, using New Keynesian models, which has the promise of fulfilling the unfinished agenda set-out by the original contributors to the optimum-currency-area literature, that is, providing a consistent framework in which a country's characteristics can be used to determine its optimal exchange-rate regime.
Book Synopsis The Economics of Exchange Rates by : Lucio Sarno
Download or read book The Economics of Exchange Rates written by Lucio Sarno and published by . This book was released on 2002 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Book Synopsis One Market, One Money by : Michael Emerson
Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
