Exit from a Monetary Union through Euroization: Discipline without Chaos

Russell Cooper

No 17908, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit and argues that "Euroization" is both a credible and effective means of punishment for countries in default.

JEL-codes: E02 E58 E61 E63 F33 F34 F36 (search for similar items in EconPapers)
Date: 2012-03
New Economics Papers: this item is included in nep-eec, nep-mac and nep-opm
Note: EFG
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Citations: View citations in EconPapers (2)

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Working Paper: Exit from a Monetary Union through Euroization: Discipline without chaos (2012)
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