Checking Out: Exits from Currency Unions

Andrew Rose ()

No 6254, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper studies the characteristics of departures from monetary unions. During the post-war period, almost seventy distinct countries or territories have left a currency union, while over sixty have remained continuously in currency unions. I compare countries leaving currency unions to those remaining within them, and find that leavers tend to be larger, richer, and more democratic; they also tend to have higher inflation. However, there are typically no sharp macroeconomic movements before, during, or after exits.

Keywords: country; data; empirical; monetary; panel; probit; statistic (search for similar items in EconPapers)
JEL-codes: E42 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac and nep-mon
Date: 2007-04
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