ìNew" Views on the Optimum Currency Area Theory: What is EMU Telling US?
Francesco Mongelli ()
No 140, Royal Economic Society Annual Conference 2002 from Royal Economic Society
This paper traces the advancements of the optimum currency area theory through its successive phases: the "pioneering phase," the "cost-benefit phase," the "reassessment phase," and the "empirical phase" in which we focus mostly on Europe because there is now a wealth of data, research and other information on European integration. The thrust of the pioneering contributions is still relevant and that the analysis of the benefits and costs from monetary integration has greatly evolved. There are more benefits and some of the perceived costs are smaller than previously thought. We also need to distinguish between an "OCA question" and an "EMU question."
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Working Paper: "New" views on the optimum currency area theory: what is EMU telling us? (2002)
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