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The Theories Of Optimum Currency Area: A Critical Review

Yıl 2014, Cilt: 23 Sayı: 1, 177 - 192, 12.10.2014

Öz

The subject matter of monetary unions has long attracted academics; yet the debate based on the theoretical grounds has commenced only after the publication of Mundell‟s Seminal Paper in 1961. The title of the article was, “A Theory of Optimum Currency Areas.”, through which Mundell studied the optimal conditions or criteria required for countries to join a currency area with the others with the intention of linking their monetary policy that of other members of the monetary union. The theoretical argument continued after the publication of Mundell‟s article; the argument picked on a new flavor by the extensive views of M McKinnon (1963) and Kenen (1969). Each view respectively focuses on the likely costs and benefits of participation in an Economic and Monetary Union scheme. The theoretical debate started in 1960s incidentally paved way to discussion of the feasibility of Economic and Monetary Union in Europe as early as 1969 that marks the announcement of Werner Report. Werner Report (1969) focuses on the intention of gradual realization of a Monetary Union for EEC countries. Bretton Exchange Rate Regime came into existence immediately after Second World War. It is widely held that this regime has been instrumental in providing stability to the global economy from the time it came into force right until the late 1960s.

Kaynakça

  • Aslund, A. (2012), “Why a break up of the Euro area must be avoided; lessons from previous break ups,” Peterson Institute for International Economics, number PB12-20, August 2012. Baro, R.J. and Gordon, D. (1983), “Rules, Discretion and Reputation in a Model Monetary Policy”, Journal of Monetary Economics, 12,101-121. Horwath, J. (2003), “Optimum Currency Area theory: A selective review”, BOFIT Discussion Papers,2003, No.15,Bank of Finland Institute for Economies in Transition, BOFIT Bayoumi, T.(1994), “A Formal Model of Optimum Currency Areas”, International Monetary Fund, Working Paper, April 1994. Bayoumi, T., and Eichengreen(1992), “Shocking Aspects of Monetary Unification,” National Bureau of Economic Research, Working Paper 3949, January 1992. Bayoumi, T. and Eichengreen, B. (1994), One Money or Many? On Analyzingthe Prospects for Monetary Unification in Various Parts of the World, Princeton Essaysin International Finance no.76, International Finance Section, Princeton. Bayoumi, T. and Eichengreen, B. (1996), “Operationalizing the Theory of Optimum Currency Areas.”, CEPR D.P. no.1484. Bayoumi,T. and Eichengreen, B. (1997) “Ever Closer to Heaven? An Optimum Currency Area Index for European Countries,” European Economic Review 41, 1997, 761-770. Bini Smaghi L. and Vori, S. (1993), “Rating the EC as an Optimal Currency Area”, Temi di discussionne no. 187, Rome: Banca D‟Italia. Bofinger, Peter,(1994), “Is Europe an Optimum Currency Area?” Centre for Economic Policy Research, Discussion Paper Series, No.915, February 1994. Canzoneri, M.B; Rogers, C.A.(1990), “Is European Community an Optimal Currency Area? Optimal Taxation versus the cost of Multiple Currencies.”, The American Economic Review, 80, (3), 419-33. Cohen, D. And, Charles Wyplosz, (1989) “The European Monetary Union: An Agnostic Evaluation,” Discussion Paper, No.306, Centre for Economic Policy Research, London,1989. Corden, W.M. (1972), Monetary Integration, Princeton Papers in International Finance no.93, Princeton University, 1972. Eichengreen, B. (1990), “One Money for Europe: Lessons from the US currency and Customs Union”, Economic Policy, 10, 117-187. Eichengreen, B. (1992), “Is Europe an Optimum Currency Area?” in S. Borner and H. Grobel (eds.), The European Community after 1992: The view from Outside, London, MacMillan. Eichengreen, B. (1992), “Should the Maastricht Treaty be saved?”, (Princeton studies in international finance, no.74, December 1992) Barry Eichengreen; Paperback; published in 1992, Number:108 July 1994. Fellner, W. (1966), On limited Exchange rate flexibility, in Fellner, W. and et. al. Maintaining and restoring balance in international payments, Princeton University Press. Fidrmuc, Jan, Julius Horwathand Jarko Fidrmuc, (1999), “Stability of Monetary Unions: Lessons from the Break-up of Czechoslovakia,” Journal of Comparative Economics, Vol.27,No, December 1999, 753-81. Frankel, J.A. and Rose, A.K. (1996), “The endogeneity of the Optimum Currency Area Criterion”, CEPR DP, no.1473. Gross, D., and Thygesen, N., (1992), European Monetary Integration from EMS to EMU, Longman, London. Haberler, G., (1961), A Survey of International Theory, Special Papers in International Trade Theory, Princeton U.P. Hitiris, T., (1988), European Community Economics; Worcester, Great Britain: Billing and Son Limited, 1988. Jarko Fidrmuc, (2001), The Endogeneity of Optimum Currency Area Criteria, intraindustry trade and EMU enlargement, Bank of Finland, Discussion Papers 2001, No.8, Institute for Economies in transition, BOFIT. Kenen, P.B.,(1969), “The theory of optimum currency areas: an eclectic view. In Mundell, R.A., Swoboda, A.K. (Eds.), Monetary Problems of the International Economy, University of Chicago Press, Chicago, pp.41-60. Krugman, P.,(1993), Six skeptical propositions about EMU. Greek Economic Review 15, 93-104. Lafrance R. and St-Amant, P. (1999),”Optimum Currency Areas: A Review of the Recent Literature,” Bank of Canada Working Paper, 1999, 99-16. MacDougall Report(1977), Commission of the European Communities, Report of the Study Group on the Role of Public Finance in European Integration, Brussels, April, 1977. Magnifico, G.,(1973), European Monetary Unification, Macmillan Press Ltd., 1973. Masson, P.R. and Taylor M.P.(1993)”Currency Unions: A Survey of the Issues,” in Mason and Taylor (eds.), Policy Issues in the operation of Currency Areas, Cambridge University Pres, 1993,3-51. Masson, P.R. and Taylor M.P.(1994)”Optimal Currency Areas: A Fresh Look at the Traditional Criteria”, in Siklos (ed.), Varieties of Monetary Reforms, Kluwer Academic, 1994. McKinnon, Ronald I. (1963)”Optimum Currency Area”, 4, American Economic Review, 1963, September, 717-725. Melitz, J. And Weber, A.(1997), “The Costs/Benefits of a Common Monetary Policy in France and Germany and Possible Lessons for Monetary Union,” European University Institute, Florence, Robert Schuman Centre, 1997, Working Paper RSC No.97/37. Melitz, J. (1995), “The Current impasse in Research on Optimum Currency Areas,” European Economic Review, 1995, 30,492-500. Mundell, R.A.(1961), “A Theory of Optimum Currency Areas.”, American Economic Review 53, 657-665. Mundell, RA.(1968),International Economics, New York: Macmillan, 1968, pp. 177-186. Nolling, W. (1993), Monetary Policy in Europe after Maastricht, 1993. Werner Report (1969). The report submitted to the Heads of State and Government of the European Community. The European Summit in The Hague. Williams, J.H. (1929), The theory of international trade reconsidered,” Economic Journal, XXXIX (1929) .
Yıl 2014, Cilt: 23 Sayı: 1, 177 - 192, 12.10.2014

Öz

Kaynakça

  • Aslund, A. (2012), “Why a break up of the Euro area must be avoided; lessons from previous break ups,” Peterson Institute for International Economics, number PB12-20, August 2012. Baro, R.J. and Gordon, D. (1983), “Rules, Discretion and Reputation in a Model Monetary Policy”, Journal of Monetary Economics, 12,101-121. Horwath, J. (2003), “Optimum Currency Area theory: A selective review”, BOFIT Discussion Papers,2003, No.15,Bank of Finland Institute for Economies in Transition, BOFIT Bayoumi, T.(1994), “A Formal Model of Optimum Currency Areas”, International Monetary Fund, Working Paper, April 1994. Bayoumi, T., and Eichengreen(1992), “Shocking Aspects of Monetary Unification,” National Bureau of Economic Research, Working Paper 3949, January 1992. Bayoumi, T. and Eichengreen, B. (1994), One Money or Many? On Analyzingthe Prospects for Monetary Unification in Various Parts of the World, Princeton Essaysin International Finance no.76, International Finance Section, Princeton. Bayoumi, T. and Eichengreen, B. (1996), “Operationalizing the Theory of Optimum Currency Areas.”, CEPR D.P. no.1484. Bayoumi,T. and Eichengreen, B. (1997) “Ever Closer to Heaven? An Optimum Currency Area Index for European Countries,” European Economic Review 41, 1997, 761-770. Bini Smaghi L. and Vori, S. (1993), “Rating the EC as an Optimal Currency Area”, Temi di discussionne no. 187, Rome: Banca D‟Italia. Bofinger, Peter,(1994), “Is Europe an Optimum Currency Area?” Centre for Economic Policy Research, Discussion Paper Series, No.915, February 1994. Canzoneri, M.B; Rogers, C.A.(1990), “Is European Community an Optimal Currency Area? Optimal Taxation versus the cost of Multiple Currencies.”, The American Economic Review, 80, (3), 419-33. Cohen, D. And, Charles Wyplosz, (1989) “The European Monetary Union: An Agnostic Evaluation,” Discussion Paper, No.306, Centre for Economic Policy Research, London,1989. Corden, W.M. (1972), Monetary Integration, Princeton Papers in International Finance no.93, Princeton University, 1972. Eichengreen, B. (1990), “One Money for Europe: Lessons from the US currency and Customs Union”, Economic Policy, 10, 117-187. Eichengreen, B. (1992), “Is Europe an Optimum Currency Area?” in S. Borner and H. Grobel (eds.), The European Community after 1992: The view from Outside, London, MacMillan. Eichengreen, B. (1992), “Should the Maastricht Treaty be saved?”, (Princeton studies in international finance, no.74, December 1992) Barry Eichengreen; Paperback; published in 1992, Number:108 July 1994. Fellner, W. (1966), On limited Exchange rate flexibility, in Fellner, W. and et. al. Maintaining and restoring balance in international payments, Princeton University Press. Fidrmuc, Jan, Julius Horwathand Jarko Fidrmuc, (1999), “Stability of Monetary Unions: Lessons from the Break-up of Czechoslovakia,” Journal of Comparative Economics, Vol.27,No, December 1999, 753-81. Frankel, J.A. and Rose, A.K. (1996), “The endogeneity of the Optimum Currency Area Criterion”, CEPR DP, no.1473. Gross, D., and Thygesen, N., (1992), European Monetary Integration from EMS to EMU, Longman, London. Haberler, G., (1961), A Survey of International Theory, Special Papers in International Trade Theory, Princeton U.P. Hitiris, T., (1988), European Community Economics; Worcester, Great Britain: Billing and Son Limited, 1988. Jarko Fidrmuc, (2001), The Endogeneity of Optimum Currency Area Criteria, intraindustry trade and EMU enlargement, Bank of Finland, Discussion Papers 2001, No.8, Institute for Economies in transition, BOFIT. Kenen, P.B.,(1969), “The theory of optimum currency areas: an eclectic view. In Mundell, R.A., Swoboda, A.K. (Eds.), Monetary Problems of the International Economy, University of Chicago Press, Chicago, pp.41-60. Krugman, P.,(1993), Six skeptical propositions about EMU. Greek Economic Review 15, 93-104. Lafrance R. and St-Amant, P. (1999),”Optimum Currency Areas: A Review of the Recent Literature,” Bank of Canada Working Paper, 1999, 99-16. MacDougall Report(1977), Commission of the European Communities, Report of the Study Group on the Role of Public Finance in European Integration, Brussels, April, 1977. Magnifico, G.,(1973), European Monetary Unification, Macmillan Press Ltd., 1973. Masson, P.R. and Taylor M.P.(1993)”Currency Unions: A Survey of the Issues,” in Mason and Taylor (eds.), Policy Issues in the operation of Currency Areas, Cambridge University Pres, 1993,3-51. Masson, P.R. and Taylor M.P.(1994)”Optimal Currency Areas: A Fresh Look at the Traditional Criteria”, in Siklos (ed.), Varieties of Monetary Reforms, Kluwer Academic, 1994. McKinnon, Ronald I. (1963)”Optimum Currency Area”, 4, American Economic Review, 1963, September, 717-725. Melitz, J. And Weber, A.(1997), “The Costs/Benefits of a Common Monetary Policy in France and Germany and Possible Lessons for Monetary Union,” European University Institute, Florence, Robert Schuman Centre, 1997, Working Paper RSC No.97/37. Melitz, J. (1995), “The Current impasse in Research on Optimum Currency Areas,” European Economic Review, 1995, 30,492-500. Mundell, R.A.(1961), “A Theory of Optimum Currency Areas.”, American Economic Review 53, 657-665. Mundell, RA.(1968),International Economics, New York: Macmillan, 1968, pp. 177-186. Nolling, W. (1993), Monetary Policy in Europe after Maastricht, 1993. Werner Report (1969). The report submitted to the Heads of State and Government of the European Community. The European Summit in The Hague. Williams, J.H. (1929), The theory of international trade reconsidered,” Economic Journal, XXXIX (1929) .
Toplam 1 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Murat Pütün Bu kişi benim

Yayımlanma Tarihi 12 Ekim 2014
Gönderilme Tarihi 17 Kasım 2017
Yayımlandığı Sayı Yıl 2014 Cilt: 23 Sayı: 1

Kaynak Göster

APA Pütün, M. (2014). The Theories Of Optimum Currency Area: A Critical Review. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 23(1), 177-192.