Currency Unions in Prospect and Retrospect
João Santos Silva and
Silvana Tenreyro
No 7824, CEPR Discussion Papers from C.E.P.R. Discussion Papers
Abstract:
We critically review the recent literature on currency unions, and discuss the methodological challenges posed by the empirical assessment of their costs and benefits. In the process, we provide evidence on the economic effects of the euro. In particular, and in contrast with estimates of the trade effect of other currency unions, we find that the impact of the euro on trade has been close to zero. After reviewing the costs and benefits, we conclude with some open questions on normative and positive aspects of the theory of currency unions, emphasizing the need for a unified welfare-based framework to weigh their costs and gains.
Keywords: Currency union; Euro (search for similar items in EconPapers)
JEL-codes: F10 (search for similar items in EconPapers)
Date: 2010-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (121)
Downloads: (external link)
https://cepr.org/publications/DP7824 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org
Related works:
Journal Article: Currency Unions in Prospect and Retrospect (2010) 
Working Paper: Currency Unions in Prospect and Retrospect (2010) 
Working Paper: Currency unions in prospect and retrospect (2010) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:7824
Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP7824
Access Statistics for this paper
More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().