Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?

In Europe, twelve countries have joined a currency union but four have stayed out. The EU enlargement process implies a large set of potential EMU entrants. In Latin America, two countries have recently dollarized and regional currencies have also been a recurring theme. We develop a theoretical mod...

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Detalles Bibliográficos
Autores principales: Powell, Andrew, Sturzenegger, Federico
Formato: Documento de trabajo acceptedVersion
Publicado: Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF) 2017
Materias:
Sistemas monetarios
Unión Europea
Acceso en línea:http://repositorio.utdt.edu/handle/utdt/6270
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R16320.500.13098-6270
record_format dspace
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
topic Sistemas monetarios
Unión Europea
spellingShingle Sistemas monetarios
Unión Europea
Powell, Andrew
Sturzenegger, Federico
Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?
description In Europe, twelve countries have joined a currency union but four have stayed out. The EU enlargement process implies a large set of potential EMU entrants. In Latin America, two countries have recently dollarized and regional currencies have also been a recurring theme. We develop a theoretical model in which countries are exposed to real and monetary shocks of both a systemic and individual nature. The model suggests when countries should float, form a CU or fix to an anchor as a function of their sensitivity to systemic shocks and the size of individual shocks. In an empirical analysis we consider a set of countries in Latin America. We find that what is beneficial for a given country depends on the actions of others. Integration may then be path dependent, and all roads may not lead to Rome.
format Documento de trabajo
acceptedVersion
author Powell, Andrew
Sturzenegger, Federico
author_facet Powell, Andrew
Sturzenegger, Federico
author_sort Powell, Andrew
title Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?
title_short Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?
title_full Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?
title_fullStr Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?
title_full_unstemmed Macroeconomic coordination and monetary unions in a N-country world: Do all roads lead to Rome?
title_sort macroeconomic coordination and monetary unions in a n-country world: do all roads lead to rome?
publisher Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF)
publishDate 2017
url http://repositorio.utdt.edu/handle/utdt/6270
work_keys_str_mv AT powellandrew macroeconomiccoordinationandmonetaryunionsinancountryworlddoallroadsleadtorome
AT sturzeneggerfederico macroeconomiccoordinationandmonetaryunionsinancountryworlddoallroadsleadtorome
bdutipo_str Repositorios
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