메뉴 건너뛰기




Volumn , Issue , 2004, Pages 53-71

Why does optimal currency area theory fail to predict changes in currency areas? Evidence from Europe and lessons for Asia

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84896221546     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.4337/9781845423537.000015     Document Type: Chapter
Times cited : (2)

References (44)
  • 3
    • 0142185734 scopus 로고    scopus 로고
    • Optimal Currency Areas
    • Harvard Institute of Economic Research Discussion Paper No. 1958, June
    • Alesina, Alberto, Robert J. Barro and Silvana Tenreyro (2002), 'Optimal Currency Areas,' Harvard Institute of Economic Research Discussion Paper No. 1958, June.
    • (2002)
    • Alesina, A.1    Barro, R.J.2    Tenreyro, S.3
  • 4
    • 0027741984 scopus 로고
    • The Crisis of the European Monetary System and its Consequences for Agricultural Trade
    • June, 81-104
    • Basevi, Giorgio, and Silvia Grassi (1993), 'The Crisis of the European Monetary System and its Consequences for Agricultural Trade.' Review of Economic Conditions in Italy, June, 81-104.
    • (1993) Review of Economic Conditions in Italy
    • Basevi, G.1    Grassi, S.2
  • 5
    • 0041772179 scopus 로고    scopus 로고
    • The Suitability of ASEAN for A Regional Currency Arrangement
    • IMF Working Paper 99/162, Washington DC, December
    • Bayoumi, Tamim, and Paolo Mauro (1999), 'The Suitability of ASEAN for A Regional Currency Arrangement,' IMF Working Paper 99/162, Washington DC, December.
    • (1999)
    • Bayoumi, T.1    Mauro, P.2
  • 6
    • 0013084474 scopus 로고    scopus 로고
    • The Evolving Asian Financial Architecture
    • Essays in International Economics No.226 (International Economics Section, Princeton University NJ), February
    • Bird Graham, and Ramkishen Rajan (2002), 'The Evolving Asian Financial Architecture,' Essays in International Economics No.226 (International Economics Section, Princeton University NJ), February.
    • (2002)
    • Graham, B.1    Rajan, R.2
  • 8
    • 0005854368 scopus 로고
    • One Market, One Money
    • Commission of the European Communities, October
    • Commission of the European Communities (1990): 'One Market, One Money,' European Economy 44, October.
    • (1990) European Economy , vol.44
  • 9
    • 84896153532 scopus 로고    scopus 로고
    • Too Sensational: On the choice of exchange rate regimes
    • (Cambridge MA, MIT Press)
    • Corden, W. Max (2002), Too Sensational: On the choice of exchange rate regimes, (Cambridge MA, MIT Press).
    • (2002)
    • Max, C.W.1
  • 10
    • 0000583745 scopus 로고
    • Towards European Monetary Union without the EMS
    • De Grauwe, Paul (1994), 'Towards European Monetary Union without the EMS,' Economic Policy 18, 149-85.
    • (1994) Economic Policy , vol.18 , pp. 149-185
    • De Grauwe, P.1
  • 11
    • 0025183604 scopus 로고
    • One Money for Europe? Lessons from the US Currency and Customs Union
    • April
    • Eichengreen, Barry (1990), 'One Money for Europe? Lessons from the US Currency and Customs Union,' Economic Policy 10, April, 117-87.
    • (1990) Economic Policy , vol.10 , pp. 117-187
    • Eichengreen, B.1
  • 12
    • 0001109824 scopus 로고
    • European Monetary Unification
    • September
    • Eichengreen, Barry (1993), 'European Monetary Unification,' Journal of Economic Literature 31(3), September, 1321-57.
    • (1993) Journal of Economic Literature , vol.31 , Issue.3 , pp. 1321-1357
    • Eichengreen, B.1
  • 13
    • 0002173130 scopus 로고
    • Europe's Monetary Union: The Case against EMU
    • (London), 13th June
    • Feldstein, Martin (1992), 'Europe's Monetary Union: The Case against EMU,' The Economist (London), 13th June.
    • (1992) The Economist
    • Feldstein, M.1
  • 14
    • 38249002834 scopus 로고
    • On the Inflationary Bias of Common Currencies: The Latin Union Puzzle
    • April
    • Flandreau, Marc (1993), 'On the Inflationary Bias of Common Currencies: The Latin Union Puzzle,' European Economic Review 37(2-3), April, 501-06.
    • (1993) European Economic Review , vol.37 , Issue.2-3 , pp. 501-506
    • Flandreau, M.1
  • 15
    • 0142197986 scopus 로고    scopus 로고
    • The Endogeneity of the Optimum Currency Area Criteria
    • July
    • Frankel, Jeffrey, and Andrew Rose (1998), 'The Endogeneity of the Optimum Currency Area Criteria,' Economic Journal 108, July, 1009-25.
    • (1998) Economic Journal , vol.108 , pp. 1009-1025
    • Frankel, J.1    Rose, A.2
  • 16
    • 84896232283 scopus 로고    scopus 로고
    • Monetary Co-operation and Integration in East Asia
    • paper presented at the Japan-Europe Symposium, OECD Development Centre, Paris, 7-8 October
    • Fukasaku, Ki, and David Martineau (1996), 'Monetary Co-operation and Integration in East Asia', paper presented at the Japan-Europe Symposium, OECD Development Centre, Paris, 7-8 October.
    • (1996)
    • Fukasaku, K.1    Martineau, D.2
  • 17
    • 84982699485 scopus 로고
    • Departures from the Ruble Zone: The Implications of Adopting Independent Currencies
    • May
    • Goldberg, Linda, Barry Ickes and Randi Ryterman (1994), 'Departures from the Ruble Zone: The Implications of Adopting Independent Currencies,' World Economy 17(3), May, 293-322.
    • (1994) World Economy , vol.17 , Issue.3 , pp. 293-322
    • Goldberg, L.1    Ickes, B.2    Ryterman, R.3
  • 18
    • 0347942383 scopus 로고
    • The Institutional Approach to Monetary Union in Europe
    • September
    • Gros, Daniel, and Niels Thygesen (1990), 'The Institutional Approach to Monetary Union in Europe' Economic Journal 100, September, 925-35.
    • (1990) Economic Journal , vol.100 , pp. 925-935
    • Gros, D.1    Thygesen, N.2
  • 19
    • 1542312605 scopus 로고    scopus 로고
    • East Asian Financial Cooperation
    • Institute for International Economics, Washington DC, October
    • Henning, C. Randall (2002), 'East Asian Financial Cooperation,' IIE Policy Analyses in International Economics 68, Institute for International Economics, Washington DC, October.
    • (2002) IIE Policy Analyses in International Economics , vol.68
    • Randall, H.C.1
  • 20
    • 0002407807 scopus 로고
    • The Theory of Optimum Currency Areas: An Eclectic View
    • in Robert Mundell and Alexander Swoboda, (eds.), (Chicago, University of Chicago Press)
    • Kenen, Peter (1969), 'The Theory of Optimum Currency Areas: An Eclectic View' in Robert Mundell and Alexander Swoboda, (eds.), Monetary Problems of the International Economy. (Chicago, University of Chicago Press) 41-60.
    • (1969) Monetary Problems of the International Economy , pp. 41-60
    • Kenen, P.1
  • 21
    • 16244391650 scopus 로고
    • Adjustment Costs, Optimal Currency Areas, and International Reserves
    • in Willy Sellekaerts (ed.), Macmillan: London
    • Kreinin, Mordechai, and H. Robert Heller (1974), 'Adjustment Costs, Optimal Currency Areas, and International Reserves', in Willy Sellekaerts (ed.), International Trade and Finance: Essays in Honour of Jan Tinbergen. Macmillan: London, 127-40.
    • (1974) International Trade and Finance: Essays in Honour of Jan Tinbergen , pp. 127-140
    • Kreinin, M.1    Robert Heller, H.2
  • 22
    • 2342524194 scopus 로고
    • What Do We need to Know about the International Monetary System?
    • Essays in International Economics No.190 (International Economics Section, Princeton University NJ), July
    • Krugman, Paul (1993), 'What Do We need to Know about the International Monetary System?' Essays in International Economics No.190 (International Economics Section, Princeton University NJ), July.
    • (1993)
    • Krugman, P.1
  • 23
    • 1342343737 scopus 로고    scopus 로고
    • Subregionalism in East Asia and its Relationship with APEC
    • Fall
    • Lloyd, Peter, and Hyun-Hoon Lee (2001), 'Subregionalism in East Asia and its Relationship with APEC,' The Journal of the Korean Economy 2(2), Fall, 211-27.
    • (2001) The Journal of the Korean Economy , vol.2 , Issue.2 , pp. 211-227
    • Lloyd, P.1    Lee, H.-H.2
  • 24
    • 0000410676 scopus 로고
    • Optimum Currency Areas
    • McKinnon, Ronald (1963), 'Optimum Currency Areas,' American Economic Review 53, 717-25.
    • (1963) American Economic Review , vol.53 , pp. 717-725
    • McKinnon, R.1
  • 25
    • 0141831845 scopus 로고    scopus 로고
    • Synchronized Business Cycles in East Asia: Fluctuations in the Yen/Dollar Exchange Rate and China's Stabilizing Role
    • unpublished ms available at
    • McKinnon, Ronald, and Gunther Schnabl (2002), Synchronized Business Cycles in East Asia: Fluctuations in the Yen/Dollar Exchange Rate and China's Stabilizing Role, unpublished ms available at http://www.stanford.edu/~mckinnon/or at http://uni-tuebingen.de/uni/wwa/homegs.htm
    • (2002)
    • McKinnon, R.1    Schnabl, G.2
  • 26
    • 16244371509 scopus 로고    scopus 로고
    • Costs and Benefits of a Common Currency for ASEAN
    • ERD Working Paper No.12, Asian Development Bank, Manila, May
    • Madhur, Srinivasa (2001), 'Costs and Benefits of a Common Currency for ASEAN,' ERD Working Paper No.12, Asian Development Bank, Manila, May.
    • (2001)
    • Madhur, S.1
  • 27
    • 4744342173 scopus 로고    scopus 로고
    • The ASEAN Surveillance Process and the East Asian Monetary Fund
    • April
    • Manupipatpong, Worapot (2002), 'The ASEAN Surveillance Process and the East Asian Monetary Fund,' ASEAN Economic Bulletin 19(1), April, 111-22.
    • (2002) ASEAN Economic Bulletin , vol.19 , Issue.1 , pp. 111-122
    • Manupipatpong, W.1
  • 28
    • 0001260761 scopus 로고
    • Theory of Optimum Currency Areas
    • Mundell, Robert (1961), 'Theory of Optimum Currency Areas,' American Economic Review 51, 657-65.
    • (1961) American Economic Review , vol.51 , pp. 657-665
    • Mundell, R.1
  • 29
    • 16244361904 scopus 로고    scopus 로고
    • A Zone of Asian Monetary Stability
    • (Asia Pacific Press, Canberra)
    • Murase, Tetsujui (2002), A Zone of Asian Monetary Stability (Asia Pacific Press, Canberra).
    • (2002)
    • Murase, T.1
  • 30
    • 0035557269 scopus 로고    scopus 로고
    • Monetary Cooperation in East Asia: AWay Forward
    • Ngiam, Kee Jin, and Hazel Yuen (2001), 'Monetary Cooperation in East Asia: AWay Forward', Singapore Economic Review 46(2), 211-46.
    • (2001) Singapore Economic Review , vol.46 , Issue.2 , pp. 211-246
    • Ngiam, J.K.1    Hazel Yuen2
  • 31
    • 0036253196 scopus 로고    scopus 로고
    • Honey, I Shrunk the Currency Union Effect on Trade
    • April
    • Nitsch, Volker (2002), 'Honey, I Shrunk the Currency Union Effect on Trade' World Economy 25(4), April, 457-74.
    • (2002) World Economy , vol.25 , Issue.4 , pp. 457-474
    • Nitsch, V.1
  • 32
    • 16244377607 scopus 로고    scopus 로고
    • A Regional Monetary Fund and the IMF
    • Fall
    • Ogawa, Eiji (2001), 'A Regional Monetary Fund and the IMF', The Journal of the Korean Economy 2(2), Fall, 229-48.
    • (2001) The Journal of the Korean Economy , vol.2 , Issue.2 , pp. 229-248
    • Ogawa, E.1
  • 33
    • 16244389146 scopus 로고    scopus 로고
    • Exchange Rate Coordination in East Asia
    • Fall
    • Oh, Junggun, and Charles Harvie (2001), 'Exchange Rate Coordination in East Asia', The Journal of the Korean Economy 2(2), Fall, 249-96.
    • (2001) The Journal of the Korean Economy , vol.2 , Issue.2 , pp. 249-296
    • Oh, J.1    Harvie, C.2
  • 34
    • 84980304546 scopus 로고
    • The Secret of the EMS's Longevity
    • December
    • Pomfret, Richard (1991), 'The Secret of the EMS's Longevity', Journal of Common Market Studies 29, December, 623-33.
    • (1991) Journal of Common Market Studies , vol.29 , pp. 623-633
    • Pomfret, R.1
  • 35
    • 0004098762 scopus 로고    scopus 로고
    • Asian Economies in Transition: Reforming Centrally Planned Economies
    • (Edward Elgar, Cheltenham UK)
    • Pomfret, Richard (1996), Asian Economies in Transition: Reforming Centrally Planned Economies (Edward Elgar, Cheltenham UK).
    • (1996)
    • Pomfret, R.1
  • 36
    • 0005067763 scopus 로고    scopus 로고
    • The Economics of Regional Trading Arrangements
    • (Clarendon Press, Oxford, 1997; paperback edition with new Preface, Oxford University Press, Oxford, 2001)
    • Pomfret, Richard (2001), The Economics of Regional Trading Arrangements (Clarendon Press, Oxford, 1997; paperback edition with new Preface, Oxford University Press, Oxford, 2001).
    • (2001)
    • Pomfret, R.1
  • 37
    • 0042773410 scopus 로고    scopus 로고
    • The IMF and the Ruble Zone
    • Winter
    • Pomfret, Richard (2002), 'The IMF and the Ruble Zone', Comparative Economic Studies 44, Winter, 37-48.
    • (2002) Comparative Economic Studies , vol.44 , pp. 37-48
    • Pomfret, R.1
  • 38
    • 0004020066 scopus 로고    scopus 로고
    • Singapore and Free Trade Agreements: Economic Relations with Japan and the United State
    • (Singapore, ISEAS Publications)
    • Rajan, Ramkishen, Rahul Sen and Reza Yamore Siregar (2001), Singapore and Free Trade Agreements: Economic Relations with Japan and the United State. (Singapore, ISEAS Publications).
    • (2001)
    • Rajan, R.1    Sen, R.2    Siregar, R.Y.3
  • 39
    • 85016838404 scopus 로고    scopus 로고
    • One Money, One Market: The Effect of Common Currencies on Trade
    • April
    • Rose, Andrew (2000), 'One Money, One Market: The Effect of Common Currencies on Trade', Economic Policy 30, April, 9-45.
    • (2000) Economic Policy , vol.30 , pp. 9-45
    • Rose, A.1
  • 40
    • 0036243950 scopus 로고    scopus 로고
    • Honey, the Currency Union Effect on Trade Hasn't Blown Up
    • April
    • Rose, Andrew (2002), 'Honey, the Currency Union Effect on Trade Hasn't Blown Up', World Economy 25(4), April, 475-79.
    • (2002) World Economy , vol.25 , Issue.4 , pp. 475-479
    • Rose, A.1
  • 41
    • 84896174307 scopus 로고    scopus 로고
    • Assessing New Preferential Trading Developments in the Asia-Pacific Region
    • paper presented at the conference on 'Empirical Methods in International Trade', held in honor of Max Kreinin at the Johns Hopkins University School of Advanced International Studies in Washington DC on 5-6 January
    • Scollay, Robert, and John Gilbert (2003), Assessing New Preferential Trading Developments in the Asia-Pacific Region, paper presented at the conference on 'Empirical Methods in International Trade', held in honor of Max Kreinin at the Johns Hopkins University School of Advanced International Studies in Washington DC on 5-6 January.
    • (2003)
    • Scollay, R.1    Gilbert, J.2
  • 42
    • 23044528358 scopus 로고    scopus 로고
    • Optimal Central Bank Areas, Financial Intermediation, and Mexican Dollarization
    • Stockman, Alan (2001), Optimal Central Bank Areas, Financial Intermediation, and Mexican Dollarization, Journal of Money, Credit and Banking 33(2), 648-66.
    • (2001) Journal of Money, Credit and Banking , vol.33 , Issue.2 , pp. 648-666
    • Stockman, A.1
  • 43
    • 0041101510 scopus 로고
    • The Theory of Optimum Currency Areas and Exchange-Rate Flexibility
    • Princeton Special Papers in International Economics, No.11 (International Finance Section, Princeton University), May
    • Tower, Edward, and Thomas Willett (1976), The Theory of Optimum Currency Areas and Exchange-Rate Flexibility, Princeton Special Papers in International Economics, No.11 (International Finance Section, Princeton University), May.
    • (1976)
    • Tower, E.1    Willett, T.2
  • 44
    • 16244379696 scopus 로고    scopus 로고
    • One Region, One Money: The Potential Contribution of Currency Consolidation to Financial Stability in the Developing World
    • in Michele Fratianni, Paolo Savona and John Kirton, (eds.), Governing Global Finance: New Challenges, G7 and IMF Contributions, (Ashgate, Aldershot UK)
    • von Furstenbeg, George (2002), 'One Region, One Money: The Potential Contribution of Currency Consolidation to Financial Stability in the Developing World' in Michele Fratianni, Paolo Savona and John Kirton, (eds.), Governing Global Finance: New Challenges, G7 and IMF Contributions, (Ashgate, Aldershot UK).
    • (2002)
    • von Furstenbeg, G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.