A TEORIA DA ÁREA MONETÁRIA ÓTIMA E LIÇÕES DA EUROZONA: UMA REVISÃO DA LITERATURA RECENTE

Abstract

This paper develops a review of literature on Optimal Currency Area (OCA), pointing to the theoretical evolution of the subject and its main contributions. In the application guise, the article offers the example of the euro in the European Monetary Union, which today is the application example on the theory evidenced by the recent crisis that hit Europe. Permeates in the review under the assumption of the possible abandonment of the bloc's convergence criteria. Using a critical overview of relevant authors, it is concluded that this form of conduct of policy without a macroeconomic coordination makes it more vulnerable, as reflected in the debate between recognized authors. Finally, we propose a research agenda on the topic to be applied to other possible optimum currency areas. Reaffirming the importance that even though a recent and complex theory, does not exhaust the possibilities for research, in the face of new global dynamics.