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A history of the theories on Optimum Currency Areas

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  • Fabio Masini

Abstract

The historical reconstructions of the theories of Optimum Currency Areas (OCA) are usually biased by the underlying theoretical and policy orientation of their authors, they often provide a sort of internalist explanation of advancement in economic theory (assuming that economic theory evolves for internal reasons defined by theorists in the discipline) and sometimes neglect the influence of particular events and policy debates on the theoretical discussions. The impression is that some important links between facts, economic theorising and public policies are not yet clearly identified. The paper aims at investigating such relationships in a historical perspective, with a special reference to the evolving role of endogenous and exogenous criteria to the study of OCA.

Suggested Citation

  • Fabio Masini, 2014. "A history of the theories on Optimum Currency Areas," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1015-1038, December.
    • Handle: RePEc:taf:eujhet:v:21:y:2014:i:6:p:1015-1038
    DOI: 10.1080/09672567.2014.966130
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    References listed on IDEAS

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    1. Dellas, Harris & Tavlas, George S., 2009. "An optimum-currency-area odyssey," Journal of International Money and Finance, Elsevier, vol. 28(7), pages 1117-1137, November.
    2. Martin S. Feldstein, 2009. "Reflections on Americans' Views of the Euro Ex Ante," NBER Working Papers 14696, National Bureau of Economic Research, Inc.
    3. Fritz Machlup, 1977. "A History of Thought on Economic Integration," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-03171-9, December.
    4. Ronald McKinnon, 2000. "Mundell, the Euro, and Optimum Currency Areas," Working Papers 00009, Stanford University, Department of Economics.
    5. Horvath, Julius, 2003. "Optimum currency area theory: A selective review," BOFIT Discussion Papers 15/2003, Bank of Finland Institute for Emerging Economies (BOFIT).
    6. Mongelli, Francesco Paolo, 2002. "ìNew" Views on the Optimum Currency Area Theory: What is EMU Telling US?," Royal Economic Society Annual Conference 2002 140, Royal Economic Society.
    7. Francesco Paolo Mongelli, 2008. "European Economic and Monetary Integration, and the Optimum Currency Area Theory," European Economy - Economic Papers 2008 - 2015 302, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    Cited by:

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