Optimum currency area in Europe: An alternative assessment

Yoonbai Kim; Hwee Kwan Chow

doi:10.1016/S0165-1765(03)00196-4

Optimum currency area in Europe: An alternative assessment

Yoonbai Kim
, Hwee Kwan Chow

Economics

Producción científica: Article › revisión exhaustiva

17 Citas (Scopus)

Resumen

In this paper we explore an alternative scheme to assess the suitability of adopting a common currency by Western European countries. It is based on the role of common regional shocks in the determination of output. The results show that the OCA theory well explains and predicts participation decisions in EMU. We also find that our OCA index is highly consistent with two popular schemes that have been introduced by Bayoumi and Eichengreen [in: F. Torres, F. Giavazzi (Eds.), Shocking Aspects of European Monetary Integration. in Adjustment and Growth in the European Monetary Union , Cambridge University Press, Cambridge (1993); European Economic Review 41 (1997) 761-770].

Idioma original	English
Páginas (desde-hasta)	297-304
Número de páginas	8
Publicación	Economics Letters
Volumen	81
N.º	3
DOI	https://doi.org/10.1016/S0165-1765(03)00196-4
Estado	Published - dic 2003

Nota bibliográfica

Funding Information:
We thank Reiny Iriana for research assistance and anonymous referees for valuable comments. This research was supported by University Research Grant (No. 3992097) at the National University of Singapore.

Financiación

We thank Reiny Iriana for research assistance and anonymous referees for valuable comments. This research was supported by University Research Grant (No. 3992097) at the National University of Singapore.

Financiadores
National University Hospital, Singapore

ASJC Scopus subject areas

Finance
Economics and Econometrics

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title = "Optimum currency area in Europe: An alternative assessment",

abstract = "In this paper we explore an alternative scheme to assess the suitability of adopting a common currency by Western European countries. It is based on the role of common regional shocks in the determination of output. The results show that the OCA theory well explains and predicts participation decisions in EMU. We also find that our OCA index is highly consistent with two popular schemes that have been introduced by Bayoumi and Eichengreen [in: F. Torres, F. Giavazzi (Eds.), Shocking Aspects of European Monetary Integration. in Adjustment and Growth in the European Monetary Union , Cambridge University Press, Cambridge (1993); European Economic Review 41 (1997) 761-770].",

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author = "Yoonbai Kim and Chow, \{Hwee Kwan\}",

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T2 - An alternative assessment

AU - Kim, Yoonbai

AU - Chow, Hwee Kwan

N1 - Funding Information: We thank Reiny Iriana for research assistance and anonymous referees for valuable comments. This research was supported by University Research Grant (No. 3992097) at the National University of Singapore.

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N2 - In this paper we explore an alternative scheme to assess the suitability of adopting a common currency by Western European countries. It is based on the role of common regional shocks in the determination of output. The results show that the OCA theory well explains and predicts participation decisions in EMU. We also find that our OCA index is highly consistent with two popular schemes that have been introduced by Bayoumi and Eichengreen [in: F. Torres, F. Giavazzi (Eds.), Shocking Aspects of European Monetary Integration. in Adjustment and Growth in the European Monetary Union , Cambridge University Press, Cambridge (1993); European Economic Review 41 (1997) 761-770].

AB - In this paper we explore an alternative scheme to assess the suitability of adopting a common currency by Western European countries. It is based on the role of common regional shocks in the determination of output. The results show that the OCA theory well explains and predicts participation decisions in EMU. We also find that our OCA index is highly consistent with two popular schemes that have been introduced by Bayoumi and Eichengreen [in: F. Torres, F. Giavazzi (Eds.), Shocking Aspects of European Monetary Integration. in Adjustment and Growth in the European Monetary Union , Cambridge University Press, Cambridge (1993); European Economic Review 41 (1997) 761-770].

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KW - EMU participation

KW - Optimum currency area

KW - Regional shocks vs. Country-specific shocks

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JF - Economics Letters

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Optimum currency area in Europe: An alternative assessment

Resumen

Nota bibliográfica

Financiación

ASJC Scopus subject areas

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