Monetary Unions and Endogeneity of the OCA Criteria

This article examines an endogeneity issue within the Optimum Currency Area (OCA) theory. According to the cost-benefit analysis, we found that there are the upper and the lower bounds in the degree of monetary integration for a monetary union to be created. We also found that a country may secede from the monetary union, depending on its degree of integration. A country may also secede when production specialization is facilitated with monetary integration within a framework of the “OCA line”. We also consider the endogeneity of the “OCA Index”, and applied our analysis to the optimum number of world currencies.

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Year of publication:	2009
Authors:	Akiba, Hiroya ; Iida, Yukihiro
Published in:	Global Economic Review. - Taylor & Francis Journals, ISSN 1226-508X. - Vol. 38.2009, 1, p. 101-116
Publisher:	Taylor & Francis Journals
Subject:	Monetary Union \| OCA \| endogeneity

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics