Agénor, Pierre-Richard (contributor); … - 2008 - Rev.
Capital Market Imperfections
and the Theory of Optimum Currency Areas
Pierre-Richard Agénor
∗
and Joshua Aizenman … useful comments.
1
1 Introduction
Since the seminal contribution of Mundell (1961), the literature on optimum
currency areas …,
first proposed by Mundell (1973), that a single currency area offers risk-
sharing benefits when domestic capital markets are …