endogenous optimum currency area
The Optimum Currency Area Is the Euro Zone an Optimum Currency Area?
... are endogenous, the comparison of the European Union, made ex ante (meaning before the monetary unification), with the USA or Canada, considered ex post (that is after the monetary unification of these countries) ...
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Optimum currency area: an epistemological view
... of optimum currency area endogeneity was first introduced by Frankel and Rose, who sustained the idea that countries joining a monetary union can satisfy the criteria ex - post, even though they are ...
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Optimum currency area indices: evidence from the 1990s
... and endogenous processes to establishing a currency ...common currency are relatively ...the endogenous OCA ...of endogenous OCA hypothesis is uncertain and dependent to a large extent ...
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Investigation Of Economic Stability In Optimum Currency Area
... euro area and non-euro area ...of endogenous and exogenous criteria to the study of ...of Optimum Currency Areas (OCA) are usually biased by the underlying theoretical and policy ...
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Optimum currency area theory: an approach for thinking about monetary integration
... The optimum currency area (OCA) theory tries to answer an almost prohibitively difficult question: what is the optimal number of currencies to be used in one ...common currency for a pair of ...
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Determinants of sovereign bond yield spreads in the EMU: An optimal currency area perspective
... What are the determinants of sovereign bond yield spreads in the EMU? The empirical literature has identified both a common international time-varying factor – commonly dubbed as international risk aversion – and country ...
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Hedge your costs: exchange rate risk and endogenous currency invoicing
... The theoretical invoicing literature is surveyed by Oi, Otani and Shirota (2004) who provide a detailed discussion of models that endogenize the choice of invoicing currency. Another review of the literature is ...
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On a Globalized Exchange Rate Model and Currency Unions: A Note
... cited McKinnon (1963) who conjectured that labour mobility may be the only criteria for defining a region. Rather, ease of achieving international payments equilibrium and a stable price level may also be important ...
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Endogenous favouritism with status incentives: A model of optimum inefficiency
... Again, since agent 2 also provides positive effort under the ex-post efficient situation, the principal has to provide non-zero wage to agent 2 to elicit costly effort, hence the cost fo[r] ...
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On the Feasibility of Monetary Union: Does It Make Sense to Look for Shocks Symmetry across Countries When None of the Countries Constitutes an Optimum Currency Area?
... averages that are presented in Table 4. 9 The inflation pre-targeting sample unequivocally shows that a monetary union is feasible only between Canada and the US. Canada and Mexico react asymmetrically to US monetary ...
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Endogenous structure of polycentric urban area
... Firms are free to locate in the CBD or to set up in the suburbs of the metro where they form a SBDs. Both the CBD and SBDs are assumed to be dimensionless, while residence zones around SBDs are also circles. In what ...
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Concept of Integrative Currency Area and Application to the Central Europe
... integrative currency area concept yields insight into the duality of capital and ...integrative currency area leads in the final effect to a global currency area; that is to say, ...
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Essays on an ASEAN Optimal Currency Area
... integration of politically independent countries. Although it has been nearly 40 years since its inception, the earliest works still provide major insight into an idea that has gained prominence and support in an era of ...
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Complementary currency systems as a source of endogenous development of localities
... set-up currency (whatever it is) as a means of ...local currency commu- nity, there must be available an appropriate amount of so- cial capital on the collective ...
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Portfolio Optimization with International Diversification
... local currency, the results changed drastically with Brazil and Turkey still maintaining the title of the best performing ...implications currency exchange rates have on ...local currency. Exhibit 8 ...
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The Global Currency Area a Way to Constructively End the Era of Reserve Currency
... Here it is worth noting that the creation and development of the GCA are not equivalent to global freedom of movement for the population. The GCA is a way to strive for a welfare state, which can be achieved by wise, ...
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A Common Currency Area for MENA Countries? A VAR Analysis of viability
... common currency to be called the ‘Arab ...European currency, the Euro, in January 1999, there has been much interest in the area of Optimal and Common Currency ...Common Currency Areas ...
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Detection and Forecasting of Islamic Calendar Effects in Time Series Data: Revisited
... of currency holdings from its long run equilibrium path will adjust by 3% in one month, therefore, it may take almost three years for currency in circulation to fully adjust towards its equilibrium ...in ...
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External adjustment with a common currency: the case of the euro area (1 MB)
... foreign currency liabilities and large debtor positions, could be affected by a local currency depre- ciation as it may trigger large valuation effects that further increase their debtor ...common ...
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Determinants of Sovereign Bond Yield Spreads in the EMU. An Optimal Currency Area Perspective
... In the light of the recent financial crisis, we take a panel cointegration approach that allows for structural breaks to the analysis of the determinants of sovereign bond yield spreads in nine economies of the European ...
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