Exit from a Monetary Union Through Euroization: Discipline Without Chaos
17 Pages Posted: 10 Mar 2012 Last revised: 8 Jun 2023
Date Written: March 2012
Abstract
This paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit and argues that "Euroization" is both a credible and effective means of punishment for countries in default.
Suggested Citation: Suggested Citation
Cooper, Russell W., Exit from a Monetary Union Through Euroization: Discipline Without Chaos (March 2012). NBER Working Paper No. w17908, Available at SSRN: https://ssrn.com/abstract=2019405
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