COMMON CURRENCY, COMMON MARKET?

• 成果类型: Article
• 署名作者: Friberg, Richard
• 署名单位: Stockholm School of Economics
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1162/154247603322391288
• 发表日期: 2003
• 页码: 650-661
• 关键词: purchasing-power-parity; one price; LAW; TRADE

摘要

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. (JEL: F13, F15, F41, L40)