search query: @author Maloney, J. / total: 3
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| Author: | Maloney, J. Macmillen, M. |
| Title: | Do currency unions grow too large for their own good? |
| Journal: | Economic Journal
1999 : OCT, VOL. 109:458, p. 572-587 |
| Index terms: | ECONOMICS CURRENCY INTERNATIONAL |
| Language: | eng |
| Abstract: | This article puts a rigorous foundation under the proposition that currency areas, as they admit more members, face a marginal core curve which cuts the marginal benefit curve from below. However, at any given time, the median member faces lower marginal cost than the average member, so that, if new members are admitted by majority vote, and existing members are myopic, the currency area will expand beyond its optimum size. |
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