Optimalno valutno područje: pouke iz nedavnih događaja
Optimum Currency Area: Lessons Learnt From Recent Experience

Summary/Abstract: The paper discusses contemporary challenges of the theory of optimum currency area. The theory was developed as to define a set of criteria upon which one can decide whether a region will benefit from adopting a common currency. The criteria set is defined as time-variant economic features of the area which jointly makes the area in question better functioning within either fixed or flexible exchange rate. Some areas will properly adjust if linked through fixed rates, or, what is almost the same, with a common currency, while the others will benefit from separate currencies. However, there is a case where the adjustment mechanism fails either way. The paper discusses the treats that might arise when socially beneficial policy is traded-off for short run policy objectives.

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