Varieties of regional monetary cooperation
A Tool for Reducing Volatility in Developing Economies
Bibliographic Data
| ID | 6050319 |
|---|---|
| Authors | Barbara Fritz (0000-0002-7832-4019, Freie Universität Berlin), Laurissa Mühlich (0000-0003-3377-4486, Freie Universität Berlin) |
| Year | 2015 |
| Volume | 21 |
| Issue | 2 |
| Pages | 127-144 |
| Publication date | 2015-04-03 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Contemporary Politics (JOURNAL) |
| Journal identifiers | ISSN: 1356-9775 • E-ISSN: 1469-3631 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/13569775.2015.1031985 |
| OpenAlex | W1992952737 |
| Language | EN |
| Citations received | 5 |
| References cited | 39 |
Can regional monetary cooperation shield developing regions from global volatility? The article argues that the main contribution of regional monetary cooperation to enhancing the shock-buffering ability of its member countries is to provide short-term liquidity and to increase regional trade and financial links. In contrast, traditional optimum currency area (OCA) theories formulate the advantages of regional monetary cooperation in terms of allocative efficiency gains and aim at a full currency union as final stage. As such, traditional theory widely ignores the shock-buffering capacity of regional monetary cooperation as well as their varieties. In contrast, the article argues that intermediate stages of regional monetary cooperation have their own rationales related to such shock-buffering capacity. This paper systematically examines the variety of regional cooperation arrangements in the developing world that range from regional payments systems over the pooling of reserves to exchange rate coordination. We propose that the potential for shock buffering is dependent on the chosen form of cooperation. Furthermore, in contrast to full monetary integration, which is highly demanding in terms of policy coordination, the requirements for regional policy coordination are significantly lower, depending on the form and aim of the arrangement
Allocative efficiency · Currency · Economics · Exchange rate · International economics · Market liquidity · Microeconomics · Monetary base · Monetary economics · Monetary policy · Optimum currency area · Pooling · Shock (circulatory · Volatility (finance · Banking stability, regulation, efficiency · Global Financial Crisis and Policies · Local Government Finance and Decentralization · Finance
Monetary Problems of the International Economy
Varieties of Capitalism
On the Adequacy of Monetary Arrangements in Sub‐Saharan Africa
Less volatile growth? The role of regional financial institutions
A regional reserve fund for Latin America
International Monetary Collaboration
Why can't Europe save itself? A note on a structural failure
Financial crises as catalysts for regional cooperation? Chances and obstacles for financial integration in Asean+3, Mercosur and the eurozone
East Asian financial regionalism
| Unique citing works | 5 |
|---|---|
| Citations per year | 0.45 |
| Citation span | 2015 - 2025 (11) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 5 |