| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14088 |
| 来源ID | Working Paper 14088 |
| Capital Market Imperfections and the Theory of Optimum Currency Areas | |
| Pierre-Richard Agenor; Joshua Aizenman | |
| 发表日期 | 2008-06-19 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper studies how capital market imperfections affect the welfare effects of forming a currency union. The analysis considers a bank-only world where intermediaries compete in Cournot fashion and monitoring and state verification are costly. The first part determines the credit market equilibrium and the optimal number of banks, prior to joining the union. The second part discusses the benefits from joining a currency union. A competition effect is identified and related to the added monitoring costs that banks may incur when operating outside their home country, through an argument akin to the Brander-Krugman "reciprocal dumping" model of bilateral trade. Whether joining a union raises welfare of the home country is shown to depend on the relative strength of "investment creation" and "intermediation diversion" effects. |
| 主题 | International Economics ; Trade ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w14088 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571764 |
| 推荐引用方式 GB/T 7714 | Pierre-Richard Agenor,Joshua Aizenman. Capital Market Imperfections and the Theory of Optimum Currency Areas. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14088.pdf（522KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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