OCA and Albania
Albanian Exchange Rate Volatility and EMU
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The optimum currency OCA theory is still a continues approach related to the dynamism of the monetary unions. Many developing countries aspire entering a union and being part of a group. Albania is an European country which aims to join the EMU and EU in the future. Before entering the European Monetary Union, there are some criteria to be fulfilled and met. There are some parameters which need to be analyzed and which explain the exchange rate volatility, especially the asymmetry of shocks. The main macroeconomic indicators weighting the Eur-Lek exchange rate volatility, are evaluated by an a...
The optimum currency OCA theory is still a continues approach related to the dynamism of the monetary unions. Many developing countries aspire entering a union and being part of a group. Albania is an European country which aims to join the EMU and EU in the future. Before entering the European Monetary Union, there are some criteria to be fulfilled and met. There are some parameters which need to be analyzed and which explain the exchange rate volatility, especially the asymmetry of shocks. The main macroeconomic indicators weighting the Eur-Lek exchange rate volatility, are evaluated by an adapted empirical model, checking if the conditions are met. Is Albania ready to join Eur currency ? The estimation done by OCA index, based on a work developed by Bayoumi and Eichengreen, and there after Horvath, serves to generates the results and arrive in the conclusions.
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