Which Single Currency for Western Europe?

Ali Kutan and Michael Melvin

Review of International Economics, 1996, vol. 4, issue 2, 247-55

Abstract: The Maastricht Treaty calls for a single European money in the third and final stage of European monetary integration. The purpose of this paper is to infer the preferred currency from the point of view of economic agents in each EMS country by ranking the realized distributions of returns from holding foreign currencies. Those rankings are obtained using the notion of generalized stochastic dominance. The preferred currency varies with time and the portfolio considered. In all cases, the ECU is not supported as a likely dominant money. Copyright 1996 by Blackwell Publishing Ltd.

Date: 1996
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