Economics, Econometrics and Finance
5 years ago

Currency union boosts welfare for some, but lowers it for others.

IMF Working Paper
A Formal Model of Optimum Currency Areas
Tamim Bayoumi

Paper Summary

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The article presents a model that helps decide when countries should share a currency. Factors like the size and correlation of economic shocks, transaction costs, and mobility of resources play a role. The model shows that being in a currency union can benefit regions within it, but it can harm regions outside of it.