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Prospects for Monetary Unions after the Euro

Editor

Listed:
  • Paul De Grauwe
    (Katholieke Universiteit Leuven)

  • Jacques Mélitz
    (Heriot-Watt University)

Abstract

The process of monetary integration in Europe began amid widespread skepticism among economists about the project. But today the success of the euro has prompted a reconsideration of whether monetary unions should be implemented elsewhere. This CESifo volume assesses contemporary theoretical and empirical work on optimal currency areas, considering such questions as the expansion of the eurozone, the institution of monetary unions in Latin America and East Asia, and the effect of monetary unions on the working of the "real economy." The first chapters consider the issues surrounding the enlargement of the eurozone, discussing, among other topics, its effect on labor market reforms, the empirical validity of the "endogeneity of the optimum currency criteria" hypothesis, and the integration process of Central European countries into the eurozone. Other chapters consider such topics as the effect of monetary unions on trade flows, risk-sharing mechanisms to protect against asymmetric shocks, dollarization in Latin America, and the potential for a monetary union of China, Japan, and South Korea based on a common business cycle and high correlation of their output behavior. These studies add significantly to our knowledge of the economics of monetary integration.

Suggested Citation

  • Paul De Grauwe & Jacques Mélitz (ed.), 2005. "Prospects for Monetary Unions after the Euro," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262042304, April.
    • Handle: RePEc:mtp:titles:0262042304
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    Citations

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    Cited by:

    1. Bonpasse, Morrison, 2007. "The Single Global Currency - Common Cents for Business," MPRA Paper 6199, University Library of Munich, Germany.
    2. Bonpasse, Morrison, 2008. "The Single Global Currency - Common Cents for Commerce," MPRA Paper 7002, University Library of Munich, Germany.
    3. Kadow, Alexander & Cerrato, Mario & MacDonald, Ronald & Straetmans, Stefan, 2013. "Does the euro dominate Central and Eastern European money markets?," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 700-718.
    4. Nannette Lindenberg & Frank Westermann, 2012. "How strong is the case for dollarization in Central America? An empirical analysis of business cycles, credit market imperfections and the exchange rate," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 17(2), pages 147-166, April.
    5. Etienne Farvaque & Norimichi Matsueda, 2010. "On the Sustainability of a Monetary Union under External Shocks: a Theoretical Result and Its Application to the Gulf Countries," Discussion Paper Series 66, School of Economics, Kwansei Gakuin University, revised Dec 2010.
    6. Bonpasse, Morrison, 2006. "The Single Global Currency: Common Cents for the World," MPRA Paper 1175, University Library of Munich, Germany.
    7. Bonpasse, Morrison, 2007. "The Single Global Currency - Common Cents for the World (2007 Edition)," MPRA Paper 5879, University Library of Munich, Germany.
    8. Bonpasse, Morrison, 2009. "The single global currency - common cents for the world (2008 Edition)," MPRA Paper 14756, University Library of Munich, Germany.

    More about this item

    Keywords

    euro; monetary union; labor market reform; monetary integration;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

    Statistics

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