The ‘New’ Theory of Optimum Currency Areas

Authors

  • George S. Tavlas

    1. GEORGE S. TAVLAS is Deputy Chief of the Finance Relations Division, International Monetary Fund. This paper was prepared while the author was Guest Scholar in the Economic Studies Program of the Brookings Institution. He has benefited from helpful comments and discussions with Martin Bailey, Peter Clark, Max Corden, David Greenaway, Masarhiro Kawai, Ronald McKinnon, Michael Papaioannou, and Michael Ulan. The views expressed are those of the author and do not necessarily reflect those of the International Monetary Fund.
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Abstract

Highbrow opinion is like a hunted hare; if you stand long enough it will come back to the place it started from.

Dennis Robertson

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