Currency unions
Santos Silva, J. M. C. & Tenreyro, S.
(2013).
Currency unions.
In
Caprio, G.
(Ed.),
The Evidence and Impact of Financial Globalization
(pp. 451-461).
Elsevier (Firm).
https://doi.org/10.1016/B978-0-12-397874-5.00033-6
(2013).
Currency unions.
In
Caprio, G.
(Ed.),
The Evidence and Impact of Financial Globalization
(pp. 451-461).
Elsevier (Firm).
https://doi.org/10.1016/B978-0-12-397874-5.00033-6
This chapter critically reviews the recent literature on currency unions and discusses the methodological challenges posed by the empirical assessment of their costs and benefits. Some open questions on normative and positive aspects of the theory of currency unions are emphasized, namely the need for a unified welfare-based framework to weigh their costs and gains.