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Currency bloc formation as a dynamic process based on trade network externalities

Author: Etienne B Yehoue; International Monetary Fund,; IMF Institute.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2004.
Series: IMF working paper, WP/04/222.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
The recent experience of the European Economic and Monetary Union (EMU) has stimulated the debate over currency union and reinforced the incentive for the emergence of currency blocs in other regions of the world. This paper builds a dynamic stochastic model-based on network externalities operating through trade channels-to explain the emergence of currency blocs, and specifically, why some countries join a currency  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Yehoue, Etienne B.
Currency bloc formation as a dynamic process based on trade network externalities.
[Washington, D.C.] : International Monetary Fund, ©2004
(OCoLC)57556404
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Etienne B Yehoue; International Monetary Fund,; IMF Institute.
ISBN: 1283274191 9781283274197 9781451919899 1451919891
OCLC Number: 646949174
Notes: "November 2004."
At head of title: IMF Institute.
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (35 pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/04/222.
Responsibility: prepared by Etienne B. Yehoue.

Abstract:

The recent experience of the European Economic and Monetary Union (EMU) has stimulated the debate over currency union and reinforced the incentive for the emergence of currency blocs in other regions of the world. This paper builds a dynamic stochastic model-based on network externalities operating through trade channels-to explain the emergence of currency blocs, and specifically, why some countries join a currency union earlier than others. The paper develops and formalizes the intuition that currency bloc formation is path dependent, and that countries join currency blocs sooner the more they trade with the bloc member countries, with each additional member serving in a dynamic way to attract more members into the bloc. Evidence from the current pattern of EMU expansion supports the model, which is later used to elaborate on the pattern of further expansion of the union.

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