Optimal Currency Areas and the Euro, Volume II (el. knyga) (skaityta knyga) | knygos.lt

Aprašymas

This book is the second of three volumes that uses the theory of Optimal Currency Areas and applied econometric techniques to provide the reader with a compact analysis of the Euro Area, its evolution and future perspectives. This volume is dedicated to another critical criterion for an Optimal Currency Area: capital and labor mobility across regions. Did labor and capital mobility dampen asymmetric shocks among regions during the short history of the Euro?

In the absence of flexible exchange rates, a currency union needs other adjustment mechanisms for the absorption of asymmetric shocks. This role is usually played by factor mobility. Thus, labor and capital mobility ensure the well-functioning of a currency union in the advent of such shocks. In this timely book, the authors discuss whether the Euro Area shows properties of factor mobility that allow an automatic stabilization in the advent of adverse shocks. The book is of interest to a wide range of researchers in financial economics, macroeconomics and economic policy.