期刊名称：Facta Universitatis. Series Economics and Organization
印刷版ISSN：0354-4699
电子版ISSN：0354-4699
出版年度：2012
卷号：9
期号：4
页码：457-466
出版社：University of Nis
摘要：The paper discusses contemporary challenges of the theory of optimum currency area. The theory was developed as to define a set of criteria upon which one can decide whether a region will benefit from adopting a common currency. The criteria set is defined as time-variant economic features of the area which jointly makes the area in question better functioning within either fixed or flexible exchange rate. Some areas will properly adjust if linked through fixed rates, or, what is almost the same, with a common currency, while the others will benefit from separate currencies. However, there is a case where the adjustment mechanism fails either way. The paper discusses the treats that might arise when socially beneficial policy is traded-off for short run policy objectives
关键词：optimum currency area; monetary regime; fixed vs. flexible exchange rate; EMU; Republic of Serbia
