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Etienne Farvaque and Norimichi Matsueda
''Monetary Unions and External Shocks''
( 2009, Vol. 29 No.2 )
According to Bordo and James (2008), history shows that multinational monetary unions have dissolved mainly under the consequences of external shocks. This paper focuses on the effects of external shocks in assessing the sustainability of a monetary union and provides a theoretical argument that confirms their point.
Keywords: Monetary Union, Optimum Currency Areas, External Shocks
JEL: F3 - International Finance: General
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : Apr 09 2009 Manuscript Accepted : Jun 28 2009

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