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La théorie des zones monétaires optimales au regard de l'euro : quels enseignements après dix années d'union économique et monétaires en Europe ?
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La théorie des zones monétaires optimales au regard de l'euro : quels enseignements après dix années d'union économique et monétaires en Europe ?

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  • Marc-Alexandre Sénégas

    (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper tries to draw some lessons of the experience of ten years of EMU for the theory of Optimum Currency Areas. It examines whether, in the light of EMU, the OCA theory may be considered as a relevant framework for assessing the functioning of a monetary union as well as the costs and benefits which ensue from it for its member countries. To this aim, both the traditional approach of OCA (based on the quest for optimality criteria) and the endogeneity approach (according to which a monetary union will endogenously become an optimal currency area) are considered. It appears that the first approach may be of limited scope if we would like to use it so as to assess the role played by asymmetries in the functioning of a monetary union. Moreover, only moderate evidence is found that EMU is endogenously turning into an optimum currency area.
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  • Marc-Alexandre Sénégas, 2010. "La théorie des zones monétaires optimales au regard de l'euro : quels enseignements après dix années d'union économique et monétaires en Europe ?," Post-Print hal-00646305, HAL.
    • Handle: RePEc:hal:journl:hal-00646305
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    22. Agénor, Pierre-Richard & Aizenman, Joshua, 2011. "Capital market imperfections and the theory of optimum currency areas," Journal of International Money and Finance, Elsevier, vol. 30(8), pages 1659-1675.
    23. Alban Mathieu, 2021. "Frankel and Rose’s Introduction to the Endogeneity of Optimality: A Model Limited to the European Monetary Experience," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 2, pages 299-314, July.
    24. Crespo-Cuaresma, Jesús & Fernández-Amador, Octavio, 2013. "Business cycle convergence in EMU: A first look at the second moment," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 265-284.
    25. Zsolt Darvas & György Szapáry, 2008. "Business Cycle Synchronization in the Enlarged EU," Open Economies Review, Springer, vol. 19(1), pages 1-19, February.
    26. repec:spo:wpecon:info:hdl:2441/9857 is not listed on IDEAS
    27. Philip R. Lane, 2006. "The Real Effects of European Monetary Union," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 47-66, Fall.
    28. Balli, Faruk & Sorensen, Bent E., 2007. "Risk Sharing among OECD and EU Countries: The Role of Capital Gains, Capital Income, Transfers, and Saving," MPRA Paper 10223, University Library of Munich, Germany.

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