Is BRICS Economic Integration an Optimum Currency Area?
Presenters: Ms Marida Nach & Prof. Ronney Ncwadi, Nelson Mandela University
Chair: Prof. Jaya Josie, HSRC
Date: 25 July 2019
Time: 12:30 – 14:00
Venues: Video conference in Pretoria, Cape Town and Durban | Livestream via Vidyo
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An optimum currency area (OCA) owes its definition first to (Mundell, 1961). Mundell (1961) defines an optimum currency area as an area for which the costs of relinquishing the exchange rate as an internal instrument of adjustments are outweighed by its benefits of adopting a single currency. Mundell (1961) emphasises two major benefits from adopting a single currency: the elimination of transaction costs and a better performance of money as a medium of exchange and as a unit of account. Using a Structural Vector Autoregression and Impulse Response econometric techniques the results show some limited degree of symmetry of shocks. Nevertheless, there is yet a need for more policy co-ordination in order to achieve the desired level of symmetry of shocks.
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