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Convergence and Optimum Currency Area, as Advanced Economic Integration

Author

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  • Liviu Catalin Andrei

    (National University of Political Sciences and Public Administration, Romania)

Abstract

In 1961, in the earlier stage of the European integration, professor Bela Balassa proposed a five successive phase model. Today, the half century experience on integration and corresponding literature issued lets us see rather two big phases (instead of five). The one would be the incipient integration, that came to enlarge the economic openess and internationalization and shaped: (i) free trade area (FTA) and (ii) customs union; the other would be the advanced integration, in which internationalization would be replaced by the unique-common market and other two commandments would replace or just reshape the older FTA and customs union into: (iii) economic convergence and (iv) optimal currency area. The last two will be emphasized by our paper, as for their current description-analysis in the literature.

Suggested Citation

  • Liviu Catalin Andrei, 2014. "Convergence and Optimum Currency Area, as Advanced Economic Integration," The International Journal of Economic Behavior - IJEB, Faculty of Business and Administration, University of Bucharest, vol. 4(1), pages 97-114.
    • Handle: RePEc:but:ijebfa:v:45:y:2014:i:1:p:97-114
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    Cited by:

    1. Liviu C. ANDREI & Dalina ANDREI, 2016. "Some Science of Money Updates," Hyperion Economic Journal, Faculty of Economic Sciences, Hyperion University of Bucharest, Romania, vol. 4(2), pages 11-27, June.

    More about this item

    Keywords

    European type integration; incipient & advanced integration phases; customs union; economic convergence; monetary union; fiscal union; optimum currency area;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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