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Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
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http://hdl.handle.net/10419/47888
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| Title: | | Currency blocs in the 21st century  |
| Authors: | | Fischer, Christoph |
| Issue Date: | | 2011 |
| Series/Report no.: | | Discussion Paper Series 1: Economic Studies 2011,12 |
| Abstract: | | Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency bloc affiliation. The dollar bloc differs from the euro bloc in that there exists a group of countries that peg temporarily to the US dollar without having close economic affinities with the bloc. The estimated parameters are consistent with an additive random utility model interpretation. A currency bloc equilibrium in the spirit of Alesina and Barro (2002) is derived empirically. |
| Subjects: | | Anchor Currency Choice Nested Logit Exchange Rate Regime Classification Additive Random Utility Model Currency Bloc Equilibrium |
| JEL: | | F02 F31 F33 E42 C25 |
| ISBN: | | 978-3-86558-717-6 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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