 Optimal Currency Areas, Large and SmallChapter 10 in Economics in a Changing World, 1995, pp 210-220 from Palgrave Macmillan Abstract: Abstract After lying dormant for about fifteen years (1975–89), the theory of optimum currency areas (OCAs) has awakened and is being exercised by international economists and national politicians. There are three main current applications of OCA theory. The first, and most obvious, is Economic and Monetary Union (EMU) in Western Europe, an area with an eastern boundary that is moving east. The second application is analysis of the emerging tri-polar currency world of the dollar, the yen, and the European Currency Unit (ECU). These are the ‘large’ areas of my title. The third application is the analysis and perhaps design of the evolution of currency and exchange rate arrangements in Central Europe (by this term I mean the formerly centrally planned economies that were called Eastern Europe) and the former Soviet Union, which I will refer to as the Baltics and (optimistically) the Commonwealth of Independent States (CIS). These are the ‘small’ areas of my title. Since EMU has been extensively studied, I will concentrate here on the other two applications of OCA theory. Keywords: Free Trade Area; Optimal Currency Area; Current Account Surplus; Currency Basket; Pacific Asian (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-23953-5_10 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-23953-5_10 Access Statistics for this chapter More chapters in International Economic Association Series from Palgrave Macmillan |
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