Discussion paper

DP6254 Checking Out: Exits from Currency Unions

This paper studies the characteristics of departures from monetary unions. During the post-war period, almost seventy distinct countries or territories have left a currency union, while over sixty have remained continuously in currency unions. I compare countries leaving currency unions to those remaining within them, and find that leavers tend to be larger, richer, and more democratic; they also tend to have higher inflation. However, there are typically no sharp macroeconomic movements before, during, or after exits.

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Citation

Rose, A (2007), ‘DP6254 Checking Out: Exits from Currency Unions‘, CEPR Discussion Paper No. 6254. CEPR Press, Paris & London. https://cepr.org/publications/dp6254