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Currency Unions, edited by Alberto Alesina and Robert J. Barro

Currency Unions, edited by Alberto Alesina and Robert J. Barro

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Published by Hoover Institution
This book brings together a diverse group of experts on international monetary policy to examine the basic conceptual issues of currency unions and other monetary regimes, including flexible and fixed exchange rates, and assess the available empirical evidence on the performance of these alternative monetary systems. They also draw some policy conclusions on the desirability of currency unions for countries in various circumstances.

Currency Unions reviews the traditional case for flexible exchange rates and countercyclical—that is, expansionary during recessions and contractionary in booms—monetary policy and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how a currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.

Alberto Alesina received his Ph.D. in 1986 from Harvard, where he became a full professor in 1993. He is an editor of the Quarterly Journal of Economics.

Robert J. Barro is a senior fellow at the Hoover Institution and the Robert C. Waggoner Professor of Economics at Harvard University.

Contributors: Alberto Alesina, Robert J. Barro, Eduardo Borensztein, Christian Broda, Guillermo A. Calvo, Felipe Cespedes, Roberto Chang, Charles Engel, Stanley Fischer, Jeffrey A. Frankel, Maurice Obstfeld, Carmen M. Reinhart, Kenneth Rogoff, Andrew K. Rose, Andres Velasco, Jeromin Zettelmeyer
This book brings together a diverse group of experts on international monetary policy to examine the basic conceptual issues of currency unions and other monetary regimes, including flexible and fixed exchange rates, and assess the available empirical evidence on the performance of these alternative monetary systems. They also draw some policy conclusions on the desirability of currency unions for countries in various circumstances.

Currency Unions reviews the traditional case for flexible exchange rates and countercyclical—that is, expansionary during recessions and contractionary in booms—monetary policy and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how a currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.

Alberto Alesina received his Ph.D. in 1986 from Harvard, where he became a full professor in 1993. He is an editor of the Quarterly Journal of Economics.

Robert J. Barro is a senior fellow at the Hoover Institution and the Robert C. Waggoner Professor of Economics at Harvard University.

Contributors: Alberto Alesina, Robert J. Barro, Eduardo Borensztein, Christian Broda, Guillermo A. Calvo, Felipe Cespedes, Roberto Chang, Charles Engel, Stanley Fischer, Jeffrey A. Frankel, Maurice Obstfeld, Carmen M. Reinhart, Kenneth Rogoff, Andrew K. Rose, Andres Velasco, Jeromin Zettelmeyer

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Publish date: Oct 19, 2001
Added to Scribd: Aug 16, 2011
Copyright:Traditional Copyright: All rights reservedISBN:9780817928421
List Price: $7.49

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04/06/2014

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