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Currency Areas, Exchange Rate Systems, and International Monetary Reform

Robert Mundell

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0002
Subject:
Economics and Finance, International

This chapter opens with a discussion on the dollar’s position as the world’s pre-eminent currency. It builds a case for currency unions by advocating monetary rules, suggesting that currency and free ... More


Geography, Trade, and Currency Union

Jacques Mélitz

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0005
Subject:
Economics and Finance, Economic Systems

This chapter reports on four basic results of tests of the standard gravity equation. First, geography can reflect comparative advantage as well as transportation cost. Second, the effect of distance ... More


Comparing Apples and Oranges: The Effect of Multilateral Currency Unions on Trade

Volker Nitsch

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0006
Subject:
Economics and Finance, Economic Systems

This chapter explores whether the two multilateral currency unions that have existed much longer than EMU have had a measurable effect on intraregional trade. They are (1) the CFA franc zone in West ... More


The Effect of Common Currencies on International Trade: A Meta-Analysis

Andrew K. Rose

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0007
Subject:
Economics and Finance, Economic Systems

Nineteen recent studies have already investigated the effect of currency union on trade, resulting in 383 point estimates of the effect. In an attempt to summarize the current state of the debate, ... More


East Asian Currency Union

Robert J. Barro and Jong-Wha Lee

in Costs and Benefits of Economic Integration in Asia

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199753987
eISBN:
9780199896783
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199753987.003.0002
Subject:
Economics and Finance, South and East Asia, Development, Growth, and Environmental

A currency union has been suggested for East Asia. The chapter analyzes the feasibility of various types of unions, such as a dollar bloc, euro bloc, yen bloc, and basket currency and assess the ... More


Unilateral and Multilateral Currency Unions: Thoughts from an EMU Perspective

Ignazio Angeloni

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0003
Subject:
Economics and Finance, Economic Systems

The distinction here explored between unilateral and multilateral currency union takes the experience of the European Monetary Union (EMU) as a basis. Unilateral currency union is the adoption by one ... More


Will the Euro Trigger More Monetary Unions in Africa?

Patrick Honohan and Philip R. Lane

in The Impact of EMU on Europe and the Developing Countries

Published in print:
2001
Published Online:
October 2011
ISBN:
9780199245314
eISBN:
9780191697449
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199245314.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter focuses on the implications of European Monetary Union (EMU) for cooperative monetary arrangements in Africa. It analyses policy dimensions of the currency-union debate against an ... More


Trading Silver for Gold: Nineteenth-Century Asian Exports and the Political Economy of Currency Unions

Kris James Mitchener and Hans-Joachim Voth

in Costs and Benefits of Economic Integration in Asia

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199753987
eISBN:
9780199896783
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199753987.003.0005
Subject:
Economics and Finance, South and East Asia, Development, Growth, and Environmental

This chapter examines the evolution of Asian trading volumes between 1870 and 1913, both within Asia and with the rest of the world. Far Eastern countries and colonies had used silver currency for ... More


The Estimated Trade Effects of the Euro: Why Are They Below Those from Historical Monetary Unions among Smaller Countries?

Jeffrey Frankel

in Europe and the Euro

Published in print:
2010
Published Online:
February 2013
ISBN:
9780226012834
eISBN:
9780226012858
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226012858.003.0006
Subject:
Economics and Finance, International

Applying the gravity model to a data set that was sufficiently large to encompass a number of currency unions led to an eye-opening finding: members of currency unions traded with each other an ... More


Rethinking the Eurosystem

Hans-Werner Sinn

in The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs

Published in print:
2014
Published Online:
October 2014
ISBN:
9780198702139
eISBN:
9780191771828
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198702139.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

Rather than reinventing the wheel, Europe could copy the US financial system, avoiding the fatal mistakes the US made in its first decades after some initial debt mutualization under its first ... More


Making the Case for Union: Exactly Why Are We Better Together?

Jim Gallagher

in The Scottish Independence Referendum: Constitutional and Political Implications

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198755517
eISBN:
9780191816697
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198755517.003.0006
Subject:
Law, Constitutional and Administrative Law

This chapter sets out the economic, social, and political case for Scotland in the UK. Political union means Scotland’s defence and foreign relations are within a bigger and more influential state. ... More


Europe Digs Deeper

Martin Sandbu

in Europe's Orphan: The Future of the Euro and the Politics of Debt

Published in print:
2017
Published Online:
May 2018
ISBN:
9780691175942
eISBN:
9781400885510
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691175942.003.0005
Subject:
Business and Management, Political Economy

This chapter explains how the intellectual principles behind the eurozone's approach to Greece and Ireland were generalised to guide policy in 2010–11 towards larger countries and to the currency ... More


Euro Area Economies

Y.V. Reddy, Narayan Valluri, and Partha Ray

in Financial and Fiscal Policies: Crises and New Realities

Published in print:
2014
Published Online:
November 2014
ISBN:
9780199452651
eISBN:
9780199084524
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199452651.003.0006
Subject:
Economics and Finance, Financial Economics

The euro area crisis manifested itself not so much as a financial crisis but as a sovereign debt crisis in some countries. The crisis brought to the fore several issues relating to the currency ... More


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