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Punts, pounds and euros : in search of an optimum currency area

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  • Rodney Thom
  • J. Peter Neary

Abstract

On the basis of currency available information it seems reasonable to assume that European Monetary Union (EMU) will become a reality in the early years of the next century and that at least two of the EU's larger economies, Germany and France, will be participants. Unfortunately the same information set does not permit us to make any reasonable forecast of whether the UK will participate or not. This paper is concerned with the implications of Irish membership in a scenario which excludes its most important trading partner.
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Suggested Citation

  • Rodney Thom & J. Peter Neary, 1996. "Punts, pounds and euros : in search of an optimum currency area," Working Papers 199624, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:199624
    as

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    File URL: http://hdl.handle.net/10197/707
    File Function: First version, 1996
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    References listed on IDEAS

    as
    1. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-1025, July.
    2. Thom, R., 1995. ""Irish Exchange Rate Policy Under Wide ERM Bands"," Papers 95/15, College Dublin, Department of Political Economy-.
    3. Baker, Terence J. & FitzGerald, John & Honohan, Patrick, 1996. "Economic Implications for Ireland of EMU," Research Series, Economic and Social Research Institute (ESRI), number PRS28.
    4. McKinnon, Ronald I, 1997. "EMU as a Device for Collective Fiscal Retrenchment," American Economic Review, American Economic Association, vol. 87(2), pages 227-229, May.
    5. Artis, Michael J & Zhang, Wenda, 1997. "On Identifying the Core of EMU: An Exploration of Some Empirical Criteria," CEPR Discussion Papers 1689, C.E.P.R. Discussion Papers.
    6. John Curtis & John FitzGerald, 1994. "Convergence in an Open Labour Market," Papers WP045, Economic and Social Research Institute (ESRI).
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    Cited by:

    1. J. Peter Neary, 2006. "Measuring Competitiveness," The Economic and Social Review, Economic and Social Studies, vol. 37(2), pages 197-213.
    2. Kelly, John, 2003. "The Irish Pound: From Origins to EMU," Quarterly Bulletin Articles, Central Bank of Ireland, pages 89-115, March.
    3. Duffy, David & FitzGerald, John & Kearney, Ide & Smyth, Diarmaid, 1999. "Medium-Term Review 1999-2005, No. 7," Forecasting Report, Economic and Social Research Institute (ESRI), number MTR07.
    4. Rodney Thom & Brendan Walsh, 2001. "The Effect of a Common Currency on Trade - Ireland before and after the Sterling Link," Working Papers 200110, School of Economics, University College Dublin.

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    More about this item

    Keywords

    Financial policy; Monetary areas; Monetary unions; International finance;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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