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Monetary Integration and Dollarization

No Panacea

Monetary Integration and Dollarization by Matias Vernengo
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This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly, the book argues, the main advantage of monetary integration in the OCA context is the reduction of transaction costs, yet the validity of OCA to analyze processes of monetary integration seems to be limited at best.
Edward Elgar Publishing; April 2006
318 pages; ISBN 9781847200259
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Title: Monetary Integration and Dollarization
Author: Matias Vernengo