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Adventures of the optimum currency areas theory
https://doi.org/10.32609/0042-8736-2016-2-56-76
Abstract
The theory of optimum currency areas was created by three famous economists, R. Mandell, R. McKinnon and P. Kenen. They identified characteristics that potential participants of a currency area should possess in order to make it feasible to surrender the independent monetary policy and the adjustment of an exchange rate of a national currency. We consider the historical development of the optimum currency areas theory and review factors which led to renewal of the theory in the early 1990s. The article focuses on some important links between historic facts, development of the economic theory, and public policy.
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Review
For citations:
Moiseev S. Adventures of the optimum currency areas theory. Voprosy Ekonomiki. 2016;(2):56-76. (In Russ.) https://doi.org/10.32609/0042-8736-2016-2-56-76
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