Prospects for Monetary Unions After the Euro

The process of monetary integration in Europe began amid widespread skepticism among economists about the project. But today the success of the euro has prompted a reconsideration of whether monetary unions should be implemented elsewhere. This CESifo volume assesses contemporary theoretical and empirical work on optimal currency areas, considering such questions as the expansion of the eurozone, the institution of monetary unions in Latin America and East Asia, and the effect of monetary unions on the working of the "real economy."The first chapters consider the issues surrounding the enlargement of the eurozone, discussing, among other topics, its effect on labor market reforms, the empirical validity of the "endogeneity of the optimum currency criteria" hypothesis, and the integration process of Central European countries into the eurozone. Other chapters consider such topics as the effect of monetary unions on trade flows, risk-sharing mechanisms to protect against asymmetric shocks, dollarization in Latin America, and the potential for a monetary union of China, Japan, and South Korea based on a common business cycle and high correlation of their output behavior. These studies add significantly to our knowledge of the economics of monetary integration.

ISBN 0262042304   Pages 336 ISBN13 9780262042307 (What's this?)   Volumes 1 Publisher MIT Press Ltd   Weight (grammes) 658 Imprint MIT Press   Published in Cambridge, Mass. Format Hardback   Series title CESifo Seminar Series Publication date 09 Dec 2005   Height (mm) 229 Library of Congress 2005043898   Width (mm) 152 DEWEY 332.45   Spine width (mm) 25 DEWEY edition DC22   Academic level Professional / Scholarly

1		Introduction by Paul De Grauwe and Jacques Melitz		1
2		The eastward enlargement of the European monetary union by Michele Ca' Zorzi and Roberto A. De Santis		7
3		Structural reforms and the enlargement of monetary union by Carsten Hefeker		31
4		The endogeneity of the optimum currency area criteria and intra-industry trade : implications for EMU enlargement by Jarko Fidrmuc		55
5		Exchange rate volatility and the decline of employment growth in the CEE economies by Ansgar Belke and Ralph Setzer		77
6		The influence of productivity, demand, and regulated prices on the real bilateral exchange rates of four accession countries by Ronald MacDonald and Cezary Wojcik		127
7		The EMU effect on trade : what's in it for the UK? by Alejandro Micco and Guillermo Ordonez and Ernesto Stein		155
8		Output smoothing in EMU and OECD : can we forgo the government contribution? A risk-sharing approach by Carlos Fonseca Marinheiro		187
9		On the implications of a unilateral currency union for macroeconomic volatility by Roberto Duncan		225
10		Regional currencies versus dollarization : options for Asia and the Americas by Felipe Larrain and Jose Tavares		263
11		An output perspective on a Northeast Asia currency union by Yin-Wong Cheung and Jude Yuen		289
12		Have a break, have a ... national currency : when do monetary unions fall apart? by Volker Nitsch		319

"This is a terrific volume, which I recommend highly. It will be invaluable to policy makers and scholars interested in either EMU or the next generation of currency unions." --Andrew K. Rose, Haas School of Business, University of California, Berkeley

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