Mexico versus Canada: Stability benefits from making common currency with USD?
This paper explores the potential stability benefits from monetary union by examining volatility of PPP–GDP per capita and per hour under various de facto exchange rate regimes. It finds that, for Mexico unlike Canada, volatility is much greater during periods when the nominal dollar exchange rate c...
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| Veröffentlicht in: | The North American journal of economics and finance 2006-03, Vol.17 (1), p.65-78 |
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| container_title | The North American journal of economics and finance |
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| creator | von Furstenberg, George M. |
| description | This paper explores the potential stability benefits from monetary union by examining volatility of PPP–GDP per capita and per hour under various de facto exchange rate regimes. It finds that, for Mexico unlike Canada, volatility is much greater during periods when the nominal dollar exchange rate changes appreciably than when it is quasi-pegged. Since Mexico is not in a position to run a credible peg, it must seek greater stability through dollarization. This finding suggests that the stability benefits of monetary union are greatest for emerging-market countries inside an economically integrating region and non-existent for financially highly advanced countries. |
| doi_str_mv | 10.1016/j.najef.2005.11.001 |
| format | Article |
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| identifier | ISSN: 1062-9408 |
| ispartof | The North American journal of economics and finance, 2006-03, Vol.17 (1), p.65-78 |
| issn | 1062-9408 1879-0860 |
| language | eng |
| recordid | cdi_proquest_journals_201267485 |
| source | RePEc; Elsevier ScienceDirect Journals |
| subjects | Dollar standard Emerging markets Exchange arrangements Foreign exchange rates Monetary policy Monetary union Monetary unions NAFTA Studies Volatility |
| title | Mexico versus Canada: Stability benefits from making common currency with USD? |
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