Capital Market Imperfections and the Theory of Optimum Currency Areas

Abstract

We are grateful to Martin Bohl, Pierre Siklos, and other participants at the conference on The First Decade of European Monetary Union, held in Munster, Germany, May 28-29, 2008, for their useful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.