상세검색
최근 검색어 전체 삭제
다국어입력
즐겨찾기0
145209.jpg
SCOPUS 학술저널

Monetary Union, Real Exchange Rate, and Welfare

Monetary Union, Real Exchange Rate, and Welfare

This paper considers the effects of formation or new accession to a monetary union (MU) on itself (“ins”) and the outsiders (“outs”) as well. Since a MU inherently means a “large” entity, we construct a large country model to examine those effects in the context of economic growth. The closed-form solution of the terms of trade enables us to derive the plausible conclusions: (a) the terms of trade of the MU improves, (b) the real income of “outs” falls, implying a real transfer to the MU, and (c) the real exchange rate of the MU currency appreciates.

Ⅰ. Introduction

Ⅱ. A Simple Small Country Model

Ⅲ. A Large Country Model

Ⅳ. Effects of Economic Growth

Ⅴ. Technological Progress

Ⅵ. The Effects of Monetary Integration: An Application and Interpretation

Ⅶ. The Effects of Increase in Factor Endowment

Ⅷ. The Effects of Technological Progress

Ⅸ. Conclusions

로딩중