The old versus the new Optimum Currency Area Theory
The aim of this paper is to analyze the traditional Optimum Currency Area Theory, as well as the modern Endogenous OCA Theory, offering an overview of the most important contributions to the two theories. The first part reviews the traditional approach of the OCA Theory, which has served as an important factor in creating the European Monetary Union, while the second part looks at the Endogeneity Hypothesis of the OCA criteria, in the context of the EMU enlargement towards Eastern and Central European countries. The results of the paper show that, although the context of the Euro area continuous enlargement requires a new approach to the optimality of a currency, in terms of the endogeneity of the optimality criteria, the expansion of the monetary union ought to be limited to a reasonable level, without disregarding the criteria offered by the traditional OCA Theory.
Optimum Currency Area adverse shock optimality criteria EMU enlargement endogeneity of OCA criteria
Moise C(i)ndea Iuliana-Marina Cindea Gabriela Ciurariu Alexandra Trifu Corneliu Durdureanu
Faculty of Economics Petre Andrei University of Iasi Iasi, Romania
国际会议
上海
英文
313-317
2011-03-11（万方平台首次上网日期，不代表论文的发表时间）