Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/189137 
Autor:innen: 
Erscheinungsjahr: 
1991
Schriftenreihe/Nr.: 
Queen's Economics Department Working Paper No. 813
Verlag: 
Queen's University, Department of Economics, Kingston (Ontario)
Zusammenfassung: 
This research considers the positive theory of monetary integration in a general equilibrium monetary model of the world economy. The analysis demonstrates that, in the face of uncertainty and incomplete asset markets, participation in a monetary union may be welfare improving since it facilitates state-dependent resource transfers between regional economies. Such resource transfers are used to optimally reduce the variance of consumption for a risk averse agents. This potential for improving welfare depends not only on the agents' risk aversion but on the interrelationship of the regional economies: contrary to Mundell (1961), economically diverse regions may be well suited to a common currency.
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.67 MB





Publikationen in EconStor sind urheberrechtlich geschützt.