Heterogenita mobilních výrobních faktorů jako narušení podmínky optimální měnové oblasti (příklad eurozóny)

Heterogeneity of Mobile Factors of Production as a Disruption of the Optimal Currency Area Condition (in case of Eurozone)

Ondřej Šíma

Politická ekonomie, 2016, vol. 2016, issue 3, 319-337

Abstract: In its theoretical part the paper summarizes the main developmental phases of a concept of optimal currency areas. In the empirical part of the paper Mundell's OCA condition of a mobility of factors of production for EMU countries is verified. There is a little doubt that the criteria of labour mobility was not met. On the other hand, capital mobility almost reached its limit. However, labour immobility was not substituted by effective allocation of capital. Moreover, both factors of production were not homogeneous within the Eurozone. To entirely confirm Mundell's criteria it is crucial to scrutinize not only the mobility of factors of production but also their homogeneity.

Keywords: eurozone; optimal currency area; market of factors of production (search for similar items in EconPapers)
JEL-codes: E22 E24 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.18267/j.polek.1072

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