Common Currency, Common Market?
探讨欧元是否促进了欧洲货币联盟内的商品市场一体化，认为主要机制不是价格透明度降低套利成本，而是未来实际汇率波动性降低减少了企业分割市场的价值。
Does the common currency promote goods market integration within the EMU? We argue that such an effect is likely, but that the mechanism typically proposed—lower costs of arbitrage because of increased price transparency—is likely to be of minor importance. Instead we sketch a duopoly model which stresses that lower possibility of future real exchange rate variability lowers the option value of being able to price discriminate. The euro would promote market integration because it is less valuable for firms to segment markets. In addition we argue that fairness concerns and less risk associated with third party arbitrage may be potentially important.