The Endogenity of the Optimum Currency Area Criteria
利用20个工业化国家30年的数据，发现贸易联系越紧密的国家，其商业周期相关性越强，说明最优货币区的标准具有内生性。
A country' suitability for entry into a currency union depends on a number of economic conditions. These include, inter alia, the intensity of trade with other potential members of the currency union, and the extent to which domestic business cycles are correlated with those of the other countries. But international trade patterns and international business cycle correlations are endogenous. This paper develops and investigates the relationship between the two phenomena. Using thirty years of data for twenty industrialised countries, we uncover a strong and striking empirical finding: countries with closer trade links tend to have more tightly correlated business cycles.