G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2676
DP2676 Investment Incentives in Procurement Auctions
Estelle Cantillon; Leandro Arozamena
发表日期2001-01-30
出版年2001
语种英语
摘要This Paper characterizes the integration patterns of international currency unions (such as the CFA Franc zone and the East Caribbean Currency Area). We empirically explore different features of currency unions, and compare them both to countries with sovereign monies, and to regions within nations. We ask: are countries within international currency unions as integrated as regions within political unions? We do this by examining the criteria for Mundell?s concept of an optimum currency area. We find that members of currency unions are more integrated than countries with their own currencies, but less integrated than regions within a country. For instance, we find that currency union members have more trade and less volatile real exchange rates than countries with their own monies, but less trade and more volatile exchange rates than regions within individual countries. Similarly, business cycles are more highly synchronized across currency union countries than across countries with sovereign monies, but not as synchronized as regions of a single country. Finally, currency union membership is not associated with significantly greater risk sharing, though risk sharing is widespread within countries.
主题International Macroeconomics
关键词Common Optimum Currency Area Empirical Trade Price Business cycle
URLhttps://cepr.org/publications/dp2676
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531735
推荐引用方式
GB/T 7714
Estelle Cantillon,Leandro Arozamena. DP2676 Investment Incentives in Procurement Auctions. 2001.
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