The standard theory of monetary unions tested by history.

Authors
Publication date
2010
Publication type
Thesis
Summary The history of monetary unions is still a relatively unexploited field in economics. However, it can be a rich source of information. The main interest of this thesis is to present a historical and quantitative analysis of the phenomena of monetary union since the 19th century (five experiences of monetary union are studied here: the Latin Union, the Candinavian monetary union, the Franc-CFA zone, the Monetary Union of the Eastern Caribbean and the Monetary Union of the Eurozone), which further substantiates the relevance of the institutionalist argument that the traditional theory of optimal currency areas is neither "positively" nor "normatively" satisfying. Therefore, the orthodox theory must be abandoned in favor of a conception of money as a sovereign institution. This calls for a multidisciplinary approach to monetary unions, with particular emphasis on the conceptual tools developed in the framework of International Political Economy. On this basis, we have analyzed the possibilities of monetary unions in the world, and in particular in MERCOSUR, distinguishing at the regional level, on the side of the "supply of a monetary regime" as well as on the side of the "demand for a regime", the forces capable of supporting (or hindering) the accomplishment of the MERCOSUR monetary union project. This is the second major point of interest of this thesis.
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