Reflections on the optimal currency area (OCA) criteria in the light of EMU

Michael J. Artis

63 citations0/0 files storedInternational Journal of Finance & Economics

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

Abstract

Abstract Optimal Currency Area (OCA) theory offers criteria for evaluating the optimality of monetary union arrangements. This paper reviews the use that has been made of these criteria in the specific context of European Monetary Union. It reviews the use of business cycle synchronization data and the data produced by SVAR analyses, which led to the ‘core–periphery’ distinction. It also reviews extensions of the criteria that have been proposed or generated in this context: in particular, the proposition that the criteria may be ‘endogenous’. It presents Taylor rule estimates to check for inhomogeneities in Euro Area performance. The paper concludes that OCA criteria provide a useful starting point for evaluating monetary union options. Copyright © 2003 John Wiley & Sons, Ltd.

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References

1961A Theory of Optimum Currency Areas 1999Measuring Business Cycles: Approximate Band-Pass Filters for Economic Time Series 1991Optimum Currency Areas 2000One money, one market: the effect of common currencies on trade 1995How Wide is the Border?1993Lessons of Massachusetts for EMU 1999One Money, One Market: Estimating the Effect of Common Currencies on Trade 2001National Money as a Barrier to International Trade: The Real Case for Currency Union

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