II Criteria for Choice of Monetary and Exchange Regime
Author:
International Monetary Fund
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Language:
English
Print Publication Date:
15 Sep 1988
Keywords:
OP; EMS; economy; balance of payments adjustment mechanism; policy error; EEC currency; monetary policy coordination; EMS scheme; Exchange rates; Monetary base; Inflation; Currencies; Monetary unions; Europe; balance of payments implication; objective criterion; inflation-employment trade-off; opening economy; principle of factor mobility

Abstract

The efforts toward monetary integration in Europe did much to renew and keep alive general interest on such issues as the choice of exchange rate regime, the appropriate scope of currency areas, and their implications for participating countries as well as for the rest of the world.4 The exchange rate and balance of payments implications of monetary integration have been examined at length in the literature from a variety of perspectives. But the impetus for the research on issues concerning monetary zones was provided by an early and classic article by Mundell (1961), which introduced the concept of “optimum currency areas” and analyzed its implications.

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Cover Policy Coordination in the European Monetary System
Policy Coordination in the European Monetary System
Occa Paper 61
ISBN:
9781557750280
ISSN:
0251-6365
Publication Date:
15 Sep 1988
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557750280.084
Pages:
100