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http://ssrn.com/abstract=903189
 
 

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Regional Currency Arrangements in North America


Sven W. Arndt


Claremont Colleges - Robert Day School of Economics and Finance


International Economics and Economic Policy, Forthcoming

Abstract:     
Choosing an exchange-rate regime is largely a matter of choosing the variables that will bear the brunt of adjustment to shocks and disturbances. Floating rates, supported by inflation-targeting regimes of varying degrees of transparency, have dominated currency arrangements in North America, especially after the peso crisis of 1994. Although the member countries have pursued their policy goals without formal coordination, their objectives have been very similar. Meanwhile, de facto integration of the three economies has continued, especially in the realm of cross-border production sharing. The result has been reduction of asymmetries and convergence of business cycles, as well as changes in balance of payments behavior and in the sensitivity of trade to the exchange rate. This paper explores the implications for monetary union.

Number of Pages in PDF File: 27

Keywords: floating rates, monetary union, OCA, production networks

JEL Classification: F41, F15, F33

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Date posted: May 19, 2006  

Suggested Citation

Arndt, Sven W., Regional Currency Arrangements in North America. International Economics and Economic Policy, Forthcoming. Available at SSRN: http://ssrn.com/abstract=903189

Contact Information

Sven W. Arndt (Contact Author)
Claremont Colleges - Robert Day School of Economics and Finance ( email )
500 E. Ninth St.
Claremont, CA 91711-6420
United States
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