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A Model of an Optimum Currency Area
Mr.Luca Antonio Ricci
出版International Monetary Fund, 1997-06-01
主題Business & Economics / Exports & ImportsBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Foreign Exchange
ISBN14518498349781451849837
URLhttp://books.google.com.hk/books?id=flUYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper investigates the circumstances under which it is beneficial to participate in a currency area. A two-country monetary model of trade with nominal rigidities encompasses the real and monetary arguments suggested by the optimum currency area literature: correlation of real shocks, international factor mobility, fiscal adjustment, openness, difference in national inflationary biases, correlation of monetary shocks, and benefits of a single currency. The effect of openness on the net benefits is ambiguous, contrary to the usual argument that more open economies are better candidates for a currency area. Countries do not necessarily agree on whether a given currency union should be created.