Can public debt, inflation and unemployment tell us something about optimal or not optimal currency areas? In this paper, I compare the behavior of these variables in two countries, Mexico and the United States of Ame...Can public debt, inflation and unemployment tell us something about optimal or not optimal currency areas? In this paper, I compare the behavior of these variables in two countries, Mexico and the United States of America (USA), along with the member countries of the Euro Zone (European Monetary Union, or EMU). The main purpose is to know the divergence between public debt, average inflation ﹣0% in the graphs—in the main cities or regions of the first two, and compare them with the countries of the EMU. The period of 2001-2012 is chosen to be the years in which the Euro has been circulating among member countries of the Monetary Union (EMU). We find significant differences that allow us to determine the faults that the criteria of divergence on these variables had on the founding treaty of the European Monetary Union.展开更多
According to the theory and the standard of Optimum Currency Areas, this paper analyzes the possibility of the Asia＇s monetary cooperation. Based on the current study, this paper points out that East Asia does not ha...According to the theory and the standard of Optimum Currency Areas, this paper analyzes the possibility of the Asia＇s monetary cooperation. Based on the current study, this paper points out that East Asia does not have the condition for the monetary cooperation and the cooperation can only be conducted in a comparatively low level; furthermore, in order to achieve the monetary integration and to form the Optimum Currency Areas, it is still a long way to go for Asian countries. All the Asia countries should work hard in the political and economic area. However, the common interests will make the monetary cooperation an irreversible trend.展开更多
In this article, we use the unrestricted two-regime autoregressive threshold model to test both nonlinearity and stationarity of China's real exchange rate against its Hong Kong and Macao special administrative re...In this article, we use the unrestricted two-regime autoregressive threshold model to test both nonlinearity and stationarity of China's real exchange rate against its Hong Kong and Macao special administrative regions(SARs). Our main finding is that China's real exchange rate is neither linear nor stationary, indicating that the purchasing power parity does not hold between China Mainland and its two SARs, which implies, to certain extent, the three economies may not meet the condition of constituting an optimal currency area.展开更多
文摘Can public debt, inflation and unemployment tell us something about optimal or not optimal currency areas? In this paper, I compare the behavior of these variables in two countries, Mexico and the United States of America (USA), along with the member countries of the Euro Zone (European Monetary Union, or EMU). The main purpose is to know the divergence between public debt, average inflation ﹣0% in the graphs—in the main cities or regions of the first two, and compare them with the countries of the EMU. The period of 2001-2012 is chosen to be the years in which the Euro has been circulating among member countries of the Monetary Union (EMU). We find significant differences that allow us to determine the faults that the criteria of divergence on these variables had on the founding treaty of the European Monetary Union.
文摘According to the theory and the standard of Optimum Currency Areas, this paper analyzes the possibility of the Asia＇s monetary cooperation. Based on the current study, this paper points out that East Asia does not have the condition for the monetary cooperation and the cooperation can only be conducted in a comparatively low level; furthermore, in order to achieve the monetary integration and to form the Optimum Currency Areas, it is still a long way to go for Asian countries. All the Asia countries should work hard in the political and economic area. However, the common interests will make the monetary cooperation an irreversible trend.
基金the National Natural Science Foundation of China(No.71373219)
文摘In this article, we use the unrestricted two-regime autoregressive threshold model to test both nonlinearity and stationarity of China's real exchange rate against its Hong Kong and Macao special administrative regions(SARs). Our main finding is that China's real exchange rate is neither linear nor stationary, indicating that the purchasing power parity does not hold between China Mainland and its two SARs, which implies, to certain extent, the three economies may not meet the condition of constituting an optimal currency area.
