Optimum Currency Area (OCA) theory proves inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies since the 1990s. Building on the concept of 'original sin' developed by Eichengreen et al. we argue that a...

Optimum Currency Area (OCA) approaches turn to be inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies. Instead, in accordance with the concept of "original sin" (Eichengreen et al.) we argue that regional...

Optimum Currency Area (OCA) approaches turn to be inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies. Instead, in accordance with the concept of 'original sin' (Eichengreen et al.) we argue that regional...

The paper starts with the assumption that the Mercosur countries have decided to pursue monetary integration. These countries have essentially two options: a decentralized monetary union (MU) whereby each member country either pegs to the U.S. dollar or dollarizes outright; or a centralized MU...

Escrito em português, esse artigo versa sobre a estrutura jurídica do mercado bancário nos países fundadores do Mercosul, examinando os desafios da convergência regulatória bancária nesse bloco regional. Esse artigo também explica a evolução dos mercados de capitais e financeiro no...

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

Purpose-This paper makes an analysis of trade in the WAMZ as well as the WAMZ's trade with other countries in West Africa, Europe and Asia based on the Optimal Currency Area (OCA) theory. This theory first proposed by Mundell (1961) as a basis for evaluating whether or not an area constitutes an...

In diesem Beitrag folgen wir der aktuellen Diskussion über die Aussagekraft der Maastricht-Kriterien für die Auswahl von Ländern zur Teilnahme an der EWU. Es wird gezeigt, daß diese Kriterien weder die Theorie optimaler Währungsgebiete ausreichend reflektieren noch der...

The paper analyzes if and how the experiences of European integration can be used for the progress of East Asia integration especially of the ASEAN+3 countries1. Of special interest is the relevance of the new endogeneity approach of monetary integration for East Asia. The question is discussed...