《当代世界经济 英文版》高清PDF

The Theory of Optimal Currency Areas Throughout the process of the formation of the European Monetary Union （EMU）， many skeptical economists continued to question whether the EMU could last.They based their arguments on an economic theory developed more than thirty years ago by Robert Mundell of Columbia University.This is the theory of optimal currency areas， which is an analytical approach to determining the extent of a geographic area whose residents would be better off by fixing their exchange rates or even by using a common currency. The Advantage of Separate Currencies and a Floating Exchange Rate To understand the essential features of the theory of optimal currency areas， lets consider two hypothetical regions.People in one region， which we shall call region X， specialize in producing pastries.Residents of the other region， denoted region Y， manufacture exercise equipment.In both regions， wages and prices are inflexible in the short run.Initially， both regions experience balanced trade. Suppose that residents of one region cannot seek employment in the other region， perhaps because of language or cultural barriers， or because governments of one or both of the regions have established restrictions preventing region Xs residents who are employed in pastry production from moving to region Y to make exercise equipment， and vice versa.

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