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This paper examines the macroeconomic costs and benefits of adopting a common currency for 13 Middle Eastern countries. Economic theory suggests that the main benefit is enhanced price stability, while the main cost is higher business-cycle volatility if the member country’s output is not sufficiently correlated with the area’s, as a whole. Using data from 1980–2005, the paper finds that the estimated...
This paper examines the main macroeconomic determinants of costs and benefits of adopting the euro for the new EU member countries, and compares them to those of the older members. We show that these cost and benefit factors exhibit substantial variability across the countries considered. Our findings suggest that, in terms of price stability, the position of the new members is overall better than...
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