This book deals with the economic consequences of monetary
integration, which has long been dominated by the Optimal Currency
Area (OCA) paradigm. In this model, money is perceived as having
developed from a private sector cost minimization process to
facilitate transactions. Not surprisingly, the book argues, the
main advantage of monetary integration in the OCA context is the
reduction of transaction costs, yet the validity of OCA to analyze
processes of monetary integration seems to be limited at best. The
contributors in this volume try to go beyond the OCA model and
understand the political economy of monetary integration by
comparing the European Monetary Union with the dollarization
(formal and informal) process in Latin America. The contributors,
many of whom are leading lights, reflect the disagreements and the
changing views on the proper monetary arrangements in a globalized
world and suggest that monetary integration and dollarization are
not the solution for the great majority of countries around the
world. Monetary Integration and Dollarization brings together
mainstream and heterodox views of monetary integration and uses the
European and North American experiences as a guide for the
discussion of dollarization in developing countries. It will appeal
to scholars, researchers and policy makers in the fields of
financial and international economics.
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