This book argues for a new conceptual framework to understand the monetary side of regional economic integration. It analytically distinguishes between North-South monetary coordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the first part of the book analyzes different types of monetary coordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and asks for the potential stabilization gains for developing countries. This conceptual framework guides selected regional case studies, including the Euro candidates of Eastern Europe, the CFA zone in Francophone Africa, the common currency zone of Southern Africa, the ASEAN+3 countries of Asia and Mercosur and NAFTA in Latin America. The innovative conceptual approach and the thorough empirical studies make this book a major contribution to understanding the monetary dynamics and perspectives of regional integration.
List of Figures and Tables
Notes on the Contributors
Preface
PART 1: DEBTOR ECONOMIES AND PERSPECTIVES FOR REGIONAL MONETARY COORDINATION
Monetary Coordination involving Developing Countries: The Need for a New Conceptual Framework; B.Fritz & M.Metzger
'Original Sin' and Monetary Cooperation; U.Panizza
Comment on ' 'Original Sin' and Monetary Cooperation' by Ugo Panizza; W.Schelkle
Chances and Limits of South-South Monetary Coordination; J.Kregel
Comment on 'Chances and Limits of South-South Monetary Coordination' by Jan Kregel; P.Nunnenkamp
Exchange Rate Management in Developing Countries: The Need for a Multilateral Solution; H.Flaßbeck
PART 2: CASES OF REGIONAL MONETARY COORDINATION
Exchange Rate Policies and Institutional Arrangements in the Transition Process to European Monetary Union; P.Bofinger
Perspectives for a Monetary Union between Argentina and Brazil; F.C.de Carvalho
Comment on 'Perspectives for a Monetary Union between Argentina and Brazil' by F. Cardim de Carvalho; M.Nitsch
So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America; B.Fritz
The Common Monetary Area in Southern Africa: A Typical South-South Coordination Project?; M.Metzger
The CFA-Zone: A Positive Example of Monetary Coordination?; J.Suchanek
Comment on 'The Common Monetary Area' by Martina Metzger and 'The CFA-Zone' by Jan Suchanek; D.F.Kohnert
The Advancement of Monetary Regionalism in East Asia; H.Dieter
Comment on 'The Advancement of Monetary Regionalism in East Asia' by Heribert Dieter; B.Reszat
Index
BARBARA FRITZ is a Senior Researcher at the Institute for Ibero-American Studies in Hamburg, Germany. She holds her doctoral degree in Economics from the Freie Universität Berlin. Her research focuses on monetary aspects of development, i.e. stabilization policies, exchange rate regimes, debt and development, and monetary integration.
MARTINA METZGER is Executive Director of the Berlin Institute for Financial Market Research, Germany. Her former positions include an Assistant Professorship for Macroeconomics at the University of Applied Science Berlin and she was a Research Fellow and Lecturer at the Department of Economics of the Freie Universität Berlin, from which she also holds a doctoral degree. She has widely published on exchange rate issues in both English and German.
Description
This book argues for a new conceptual framework to understand the monetary side of regional economic integration. It analytically distinguishes between North-South monetary coordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the first part of the book analyzes different types of monetary coordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and asks for the potential stabilization gains for developing countries. This conceptual framework guides selected regional case studies, including the Euro candidates of Eastern Europe, the CFA zone in Francophone Africa, the common currency zone of Southern Africa, the ASEAN+3 countries of Asia and Mercosur and NAFTA in Latin America. The innovative conceptual approach and the thorough empirical studies make this book a major contribution to understanding the monetary dynamics and perspectives of regional integration.
Contents
List of Figures and Tables
Notes on the Contributors
Preface
PART 1: DEBTOR ECONOMIES AND PERSPECTIVES FOR REGIONAL MONETARY COORDINATION
Monetary Coordination involving Developing Countries: The Need for a New Conceptual Framework; B.Fritz & M.Metzger
'Original Sin' and Monetary Cooperation; U.Panizza
Comment on ' 'Original Sin' and Monetary Cooperation' by Ugo Panizza; W.Schelkle
Chances and Limits of South-South Monetary Coordination; J.Kregel
Comment on 'Chances and Limits of South-South Monetary Coordination' by Jan Kregel; P.Nunnenkamp
Exchange Rate Management in Developing Countries: The Need for a Multilateral Solution; H.Flaßbeck
PART 2: CASES OF REGIONAL MONETARY COORDINATION
Exchange Rate Policies and Institutional Arrangements in the Transition Process to European Monetary Union; P.Bofinger
Perspectives for a Monetary Union between Argentina and Brazil; F.C.de Carvalho
Comment on 'Perspectives for a Monetary Union between Argentina and Brazil' by F. Cardim de Carvalho; M.Nitsch
So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America; B.Fritz
The Common Monetary Area in Southern Africa: A Typical South-South Coordination Project?; M.Metzger
The CFA-Zone: A Positive Example of Monetary Coordination?; J.Suchanek
Comment on 'The Common Monetary Area' by Martina Metzger and 'The CFA-Zone' by Jan Suchanek; D.F.Kohnert
The Advancement of Monetary Regionalism in East Asia; H.Dieter
Comment on 'The Advancement of Monetary Regionalism in East Asia' by Heribert Dieter; B.Reszat
Index
Authors
BARBARA FRITZ is a Senior Researcher at the Institute for Ibero-American Studies in Hamburg, Germany. She holds her doctoral degree in Economics from the Freie Universität Berlin. Her research focuses on monetary aspects of development, i.e. stabilization policies, exchange rate regimes, debt and development, and monetary integration.
MARTINA METZGER is Executive Director of the Berlin Institute for Financial Market Research, Germany. Her former positions include an Assistant Professorship for Macroeconomics at the University of Applied Science Berlin and she was a Research Fellow and Lecturer at the Department of Economics of the Freie Universität Berlin, from which she also holds a doctoral degree. She has widely published on exchange rate issues in both English and German.
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