Optimum currency areas and the European experience

Ronald I. McKinnon

106 citations0/0 files storedEconomics of Transition

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Global Financial Crisis and Policies Monetary Policy and Economic Impact European Monetary and Fiscal Policies

Abstract

Across nations or regions, the debate on optimum exchange rate cum monetary policies is not yet resolved on three levels. First is the optimum domain of fixed exchange rates versus keeping them flexible. Second is the subordinate debate on whether one needs full monetary union (as in continental Europe) to secure an optimum currency area's internal domain; or, whether virtually fixed exchange rates — where national currencies remain in circulation — can be sufficient. Third is whether a regional grouping of economies with close trade ties (as in East Asia) gain by collectively pegging to an outside currency such as the US dollar. Using an axiomatic approach, which limits the set of cross‐country financial claims to what is feasible, I analyse how best to both share and reduce macroeconomic risks on these three levels. JEL classification: F31, F36.

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References

1961A Theory of Optimum Currency Areas 1998The Endogenity of the Optimum Currency Area Criteria 2000Fear of Floating 1999Trying to Explain Home Bias in Equities and Consumption 1996The Case for Flexible Exchange Rates 1993Lessons of Massachusetts for EMU 1999No Single Currency Regime is Right for All Countries or At All Times 1992Shocking Aspects of European Monetary Unification

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