Endogeneities of Optimum Currency Areas: What Brings Countries Sharing a Single Currency Closer Together?
Endogeneities of Optimum Currency Areas: What Brings Countries Sharing a Single Currency Closer Together?
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最佳货币区的内生性：是什么让共享单一货币的国家更加紧密地联系在一起？
DOI：
10.2139/ssrn.691864
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
F. Mongelli
中科院分区：
文献类型：
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作者：
Paul De Grauwe;F. Mongelli
本文汇集了关于货币一体化内生效应的几种文献：即，共享单一货币是否会促使各国走得更近。欧洲经济和货币联盟（EMU）的启动激发了人们对这一辩论的新兴趣。在这一背景下，我们分析了四个领域：经济一体化的内生性，其中我们主要关注价格和贸易的证据;金融一体化或资本市场提供的同等保险计划的内生性;冲击对称性和（类似地）产出同步性的内生性;以及产品和劳动力市场灵活性的内生性。本文提出了一个概念框架来说明这种内生性。我们提出了不同的论点，并在可能的情况下，探讨早期的实证文献集中在欧元区。总的来说，关于欧洲货币联盟，我们的初步结论是适度乐观。在走向最优货币区的动态中存在的不同内生性正在发挥作用。这些内生性有多强，以及它们发挥作用的速度有多快，还有待观察。
This paper brings together several strands of the literature on the endogenous effects of monetary integration: i.e., whether sharing a single currency may set in motion forces bringing countries closer together. The start of the European Economic and Monetary Union (EMU) has spurred a new interest in this debate. There are four areas that we analyse in this context: the endogeneity of economic integration, in which we look primarily at evidence on prices and trade; the endogeneity of financial integration or equivalently insurance schemes that can be provided by capital markets; the endogeneity of symmetry of shocks and (similarly) at synchronisation of outputs; and the endogeneity of product and labour market flexibility. The paper presents a conceptual framework within which to illustrate such endogeneities. We present diverse arguments and, where possible, explore the incipient empirical literature focussing on the euro area. On the whole, concerning EMU, our preliminary conclusion is one of moderate optimism. The different endogeneities that exist in the dynamics towards optimum currency areas are at work. How strong these endogeneities are and how quickly they do their work remains to be seen.