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Title: Optimum currency area in Europe: An alternative assessment
Authors: Kim, Y. 
Chow, H.K.
Keywords: Alternative index
EMU participation
Optimum currency area
Regional shocks vs. Country-specific shocks
Issue Date: 2003
Citation: Kim, Y., Chow, H.K. (2003). Optimum currency area in Europe: An alternative assessment. Economics Letters 81 (3) : 297-304. ScholarBank@NUS Repository.
Abstract: In this paper we explore an alternative scheme to assess the suitability of adopting a common currency by Western European countries. It is based on the role of common regional shocks in the determination of output. The results show that the OCA theory well explains and predicts participation decisions in EMU. We also find that our OCA index is highly consistent with two popular schemes that have been introduced by Bayoumi and Eichengreen [in: F. Torres, F. Giavazzi (Eds.), Shocking Aspects of European Monetary Integration. in Adjustment and Growth in the European Monetary Union , Cambridge University Press, Cambridge (1993); European Economic Review 41 (1997) 761-770]. © 2003 Elsevier B.V. All rights reserved.
Source Title: Economics Letters
ISSN: 01651765
DOI: 10.1016/S0165-1765(03)00196-4
Appears in Collections:Staff Publications

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