Monetary Unions and External Shocks

Etienne Farvaque and Norimichi Matsueda

Economics Bulletin, 2009, vol. 29, issue 2, 1483-1491

Abstract: According to Bordo and James (2008), history shows that multinational monetary unions have dissolved mainly under the consequences of external shocks. This paper focuses on the effects of external shocks in assessing the sustainability of a monetary union and provides a theoretical argument that confirms their point.

Keywords: Monetary Union; Optimum Currency Areas; External Shocks (search for similar items in EconPapers)
JEL-codes: E5 F3 (search for similar items in EconPapers)
Date: 2009-06-28
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Citations: View citations in EconPapers (3)

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Working Paper: Monetary Unions and External Shocks (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-09-00202

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