Trade Policy Reforms and Development
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Trade Policy Reforms and Development

Essays in Honour of Peter Lloyd, Volume II

Edited by Sisira Jayasuriya

Trade Policy Reforms and Development, comprises 11 essays offering new contributions on the following topics: globalisation and political economy of trade; trade, labour standards and economic crisis; the changing role of the WTO; competition policy and the WTO; choice of formulas for market access negotiations; regionalism and bilateralism in ASEAN; ANZUS free trade agreement; new criteria for optimum currency areas; trade policy and poverty in Asia; impact of agricultural trade reforms on poverty; and recent behaviour of US imports.
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Chapter 8: New criteria for optimum currency areas

Herbert Grubel

Extract

8. New criteria for optimum currency areas Herbert Grubel* Peter Lloyd’s wide range of interest in economic theory and policy has always included the links between his native New Zealand and his adopted Australia. For this reason, it is appropriate for me to contribute a chapter that concerns the economic and political issues surrounding a possible monetary union between the two countries. The subject in the context of North America also happens to have been one of my research priorities during the last four years. The topic of monetary union has attracted much attention by economists as a result of the currency upheavals in Asia and South America in the 1990s, which suggests that the benefits from the traditional f xing of fi exchange rates by independent central banks can easily be lost by the problems created by speculative attacks on currencies. The interest of economists was also aroused by the fact that at the beginning of 2001 members of the European Monetary Union f nalized the process by the highly fi symbolic replacement of national currencies by euro notes and coins. Many economists, who had predicted that this event would never take place, were prompted to repeat their arguments why the union made no sense economically and why therefore it was doomed to failure. Economists also turned their attention to the issues surrounding the possible creation of a North American monetary union.1 This attention was driven by two additional motives. First, the North American Free Trade Agreement between Canada, Mexico...

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