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| Author: | Bayoumi, T. Eichengreen, B. |
| Title: | Ever closer to heaven? An optimum-currency-area index for European countries |
| Journal: | European Economic Review
1997 : VOL. 41:3-5, p. 761-770 |
| Index terms: | ECONOMICS CURRENCY EUROPEAN MONETARY SYSTEM |
| Language: | eng |
| Abstract: | The authors develop a procedure for applying the core implications of the theory of optimum currency areas, and find that the relationship between OCA characteristics and the observed behavior of exchange rates seems sufficiently to support simple forecasting. Accordingly, the authors operationalize the theory by constructing an OCA index for European countries. The results coincide with popular handicapping of the Maastricht stakes with one notable exception: France. |
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