Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund, issuing body.
IMF Institute.
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| ISBN: | 1283274191
9781283274197
9781451919899
1451919891
9781451875294
1451875290
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| ISSN: | 2227-8885
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| Notes: | "November 2004."
At head of title: IMF Institute.
Includes bibliographical references.
Restrictions unspecified
Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
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. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| 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 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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| Other form: | Print version: Yehoue, Etienne B. Currency bloc formation as a dynamic process based on trade network externalities. [Washington, D.C.] : International Monetary Fund, ©2004
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| Standard no.: | 10.5089/9781451919899.001
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