This paper surveys the optimum currency area (OCA) literature. It is organised into four
phases: the" pioneering phase" which put forward the OCA theory and its properties, the" …

This paper surveys the performance of international capital markets and the literature on
measuring international capital mobility. Three main functions of a globally integrated and …

The central claim in this paper is that by explicitly introducing costs of international trade
(narrowly, transport costs, but more broadly, tariffs, nontariff barriers, and other trade costs) …

We develop a framework for quantifying the amount of risk sharing among states in the
United States, and construct data that allow us to decompose the cross-sectional variance in …

This paper uses a two-country general equilibrium model of the world economy in order to
analyze the effects of budget deficits and government spending on world rates of interest …

This book describes and evaluates the literature on exchange rate economics. It provides a
wide-ranging survey, with background on the history of international monetary regimes and …

We explore income and consumption smoothing patterns among European Community (EC)
countries and among OECD countries during the period 1966–90. We find that, for OECD as …

This paper brings together several strands of the literature on the endogenous effects of
monetary integration: ie, whether sharing a single currency may set in motion forces bringing …

Asymmetric shocks Regional non-adjustment and fiscal policy How will countries handle
idiosyncratic macroeconomic shocks under the single currency? Since the regional …

The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro
area and whether a supranational fiscal risk sharing mechanism could insure countries …