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Title:Integration durch Währungsunion? Der Fall der Euro-Zone PDF Logo
Authors:Spahn, Peter
Issue Date:2012
Series/Report no.:FZID Discussion Papers 57-2012
Abstract (Translated):Old OCA theory recommends to unite homogenous countries so that their macroeconomic interrelations do not pose severe stabilisation problems. New OCA theory rightly criticizes the 1960s flavour of the old approach and believes in the endogenous emergence of an OCA if countries use the facilities of an integrated financial market for their catching-up. Whereas in theories of intertemporal optimisation single agents and national economies succeed to go from indebtedness to development, in EMU they were tempted live beyond their intertemporal budget constraint. Professional observers tended to tolerate high current account deficits and loss of competitiveness as temporary phenomena by relying on the Lawson Doctrine. Actually, some EMU countries could avoid insolvency only by monetising their balance of payment deficit.
Subjects:optimal currency union
intertemporal balance of payments
Walters critique
Lawson doctrine
Persistent Identifier of the first edition:urn:nbn:de:bsz:100-opus-7698
Document Type:Working Paper
Appears in Collections:FZID Discussion Papers, Universität Hohenheim

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