Menu Expand



Rühl, F. Optimale Abgrenzung von Währungsgebieten: Ein Literaturüberblick. Credit and Capital Markets – Kredit und Kapital, 8(1), 123-151.
Rühl, Frank "Optimale Abgrenzung von Währungsgebieten: Ein Literaturüberblick" Credit and Capital Markets – Kredit und Kapital 8.1, 1975, 123-151.
Rühl, Frank (1975): Optimale Abgrenzung von Währungsgebieten: Ein Literaturüberblick, in: Credit and Capital Markets – Kredit und Kapital, vol. 8, iss. 1, 123-151, [online]


Optimale Abgrenzung von Währungsgebieten: Ein Literaturüberblick

Rühl, Frank

Credit and Capital Markets – Kredit und Kapital, Vol. 8 (1975), Iss. 1 : pp. 123–151

4 Citations (CrossRef)

Additional Information

Article Details

Rühl, Frank

Cited By

  1. Außenwirtschaftslehre

    Integrations- und Entwicklungspolitik

    Borchert, Manfred

    1997 [Citations: 0]
  2. Überlegungen zu einem optimalen DM-Währungsraum

    Menkhoff, Lukas | Sell, Friedrich L.

    Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 112 (1992), Iss. 3 P.379 [Citations: 0]
  3. Target zones for the US dollar?

    Filc, Wolfgang

    Intereconomics, Vol. 21 (1986), Iss. 4 P.163 [Citations: 1]
  4. A two-speed Europe: How (un)stable would such a solution be?

    Sell, Friedrich L.

    Intereconomics, Vol. 31 (1996), Iss. 4 P.166 [Citations: 0]


  1. Aliber, Robert Z.: Uncertainty, currency areas and the exchange rate system. Economica 39 / November 1972, pp. 43-4241.  Google Scholar
  2. Corden, W.M.: Monetary integration. Essays in international finance, No. 93. Princeton, N. ]J. 1972.  Google Scholar
  3. De Cecco, Marcello: La teoria delle aree monetarie ottime e l’unificazione monetaria europea. Note economiche. Rassegna ' economica del Monte dei Paschi di Sien4a/Luglio - Agosto 1971, pp. 94 - 108.  Google Scholar
  4. Fleming, J. Marcus: On exchange rate unification. Economic Journal 831 / September 1971, pp. 467 - 488.  Google Scholar
  5. Friedman, Milton: The case for flexible exchange rates. In: Essays in positive economics, Chicago 1953, pp. 15- 2703.  Google Scholar
  6. Grubel, Herbert G.: The theory of optimum currency areas. Canadian Journal of Economics 3 / May 1970, pp. 318 - 323.  Google Scholar
  7. Grubel, Herbert G.: The theory of optimal regional associations. In: Johnson & Swoboda, eds. (1973), pp. 99 to 113.  Google Scholar
  8. Ingram, James C.: The case for european monetary integration. Essaysin international finance, No. 98. Princeton, N. J. 1973.  Google Scholar
  9. Kenen, Peter B.: The theory of optimum currency areas: an eclectic view. In: Mundell & Swoboda, eds. (1969), pp. 41-60.  Google Scholar
  10. Johnson, Harry G., & Swoboda, Alexander K. (eds.): The economics of common currencies. London 1973.  Google Scholar
  11. Laffer, Arthur B.: Two arguments for fixed rates. In: Johnson & Swoboda, eds. (1973), pp. 25 - 34.  Google Scholar
  12. Lanyi, Anthony: The case for floating exchange rates reconsidered. Essays in international finance, No. 72. Princeton, N. J. 1969.  Google Scholar
  13. McKinnon, Ronald I.: Optimum currency areas. American Economic Review 53 / September 1963, pp. 717 - 725.  Google Scholar
  14. Mundell, Robert A.: A theory of optimum currency areas. American Economic Review 51 / September 1961, pp. 657-665.  Google Scholar
  15. Mundell, Robert A., & Swoboda, Alexander K. (eds.): Monetary problems of the international economy. Chicago 1969.  Google Scholar
  16. Mundell, Robert A.: Uncommon arguments for common currencies. In: Johnson & Swoboda, eds. (1973), pp. 114 - 132.  Google Scholar
  17. Mundell, Robert A.: A plan for a European currency. In: Johnson & Swoboda, eds. (1973), pp. 143 - 172.  Google Scholar
  18. Onida, Fabrizio: The theory and policy. of optimum currency areas and their implications for the European monetary union. Societe Universitaire Europeenne de Recherches Financieres (SUERF), No. 9 A. Tilburg 1972.  Google Scholar
  19. Pearce, I. F.: The problem of the balance of payments. International Economic Review 2 / January 1961, pp. 1-28.  Google Scholar
  20. Phelps u.a., Edmund $.: Microeconomic foundations of employment and inflation theory. New York 1970.  Google Scholar
  21. Snider, Delbert A.: Optimum adjustment processes and currency areas. Essays in international finance, No.62. Princeton, N.J. 1967.  Google Scholar
  22. Sohmen, Egon: Currency areas and monetary systems. In: J. Bhagwati et al. (eds.): Trade, balance of payments, and growth. (Festschrift Kindleberger.) Amsterdam & London 1971, pp. 39-4200.  Google Scholar
  23. Stein, Jerome L.: The optimum foreign exchange market. American Economic Review 53 / June 1963, pp. 385 - 402.  Google Scholar
  24. Swoboda, Alexander K.: Policy conflict, inconsistent goals, and the coordination of economic policies. In: Johnson & Swoboda, eds. (1973), pp. 133 to 142.  Google Scholar
  25. Neumann Whitman, Marina von: International and interregional payments adjustment: a synthetic view. Princeton Studies in International Finance, No. 19. Princeton, N. J. 1967.  Google Scholar
  26. Willett, Thomas D., and Tower, Edward: Currency areas and exchange-rate flexibility. Weltwirtschaftliches Archiv 105 / 1970, S. 48 - 65.  Google Scholar


Optimal Currency Areas: A Sourvey of the Literature

The article provides an introduction to the theoretical concept of optimal currency areas and deals with its development and the criticism devoted to it. The first part deals thoroughly with the basic treatises by Mundell, McKinnon and Kenen. It emphasizes the fact that the approaches of the first two of these authors do not, strictly speaking, have a common denominator, but represent two mutually complementary criteria and treat the problem of how far an optimal currency area should extend from two different angles, Mundell concentrating on the real and McKinnon on the monetary aspect of the economy. Kenen’s contribution submits a third criterion, the diversification of an economy, for debate. In the second part of the article, various, further developments are discussed: Fleming’s attempt to determine the advantages and disadvantages of a currency union as compared with a system of currencies with adjustable pegs, Sohmen’s emphasis on convertibility of a currency as against unilateral treatment of exchange rate fluctuations in various currency systems, and lastly, Aliber’s approach, which systematically introduces uncertainty considerations into the analysis and arrives at a trade-off between greater efficiency of fixed exchange rates and greater independence of monetary policy with flexible rates. The welfare-theoretical contributions of Jerome Stein, Lanyi, Grubel and De Cecco lie on a different plane; especially Lanyi’s analysis is discussed thoroughly. The article closes with a ventilation of some recent contributions by Laffer and Mundell, who marshal arguments for fixed exchange rates, and of the criticism levelled by Balassa and Haberler. As the upshot of this theoretical development it can be said that the future fruitfulness of the conception of an optimal currency area will probably be limited. As Swoboda remarks, the issue in the future will be the definition of viable currency areas. However, the debate on the optimal currency area has led to differentiated analyses and given rise to some results which have differentiated the simple question “fixed or floating exchange rates” and adapted it more closely to the needs of practical monetary policy.