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The Failure of OCA Analysis

Domenii publicaţii > Economie + Tipuri publicaţii > Articol în revistã ştiinţificã

Autori: Bogdan Glãvan

Editorial: Quarterly Journal of Austrian Economics, 7(2), p.29-46, 2004.


The theory of optimum currency areas (OCA) is widely used, at present, by professional economists to defend a system of independent fiat currencies. Mainstream economists maintain that there are benefits to be derived from a system of fiat fluctuating currencies, although not necessarily from the present international monetary order. The OCA theory is supposed to provide the basis for the preservation of flexible exchange rates between regions that have to be determined using the various criteria proposed by the theory. In this paper the OCA thesis is presented, and then I will attempt to prove that the OCA theory is nonoperational and irrelevant in dealing with the present international monetary situation, and that the basic postulates of OCA theory are internally inconsistent and incompatible with economic theory.

Cuvinte cheie: monedã, zonã monetarã optimã, politicã monetarã // money, optimum currency area, monetary policy