Ana-Maria Hlaciuc


The theory of credibility (George Tavlas) pursues a neoclassical approach, ignoring the demand side. If aggregate offer is the subject of asymmetric shocks, it can no longer be possible to assert the superiority of the fixed rule to discretion, so that giving up currency and currency independence can result as very expensive.

Considering Keynesian origin, the traditional theory of optimal foreign exchange areas has focused on the demand side, ignoring the supply. As early as 1969, Kenen (P. B. Kenen) considered the technology shock to be provoked by supply, coupled with other shocks that hit demand, driven largely by changes in consumer preferences.


optimal currency area; integration; traditional theory


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