IMF paper on currency unions

Against the background of the theory of optimum currency areas, the IMF paper "Beauty queens and wallflowers - Currency unions in the Middle East and Central Asia" analyzes possible sequences for establishing a currency union (CU) in the Middle East and Central Asia region.

Between the corner solutions of independent currencies for all countries in the region and a CU comprising all countries, a large number of combinations of member countries in the CU is possible. The analysis aims to determine

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