Strategic Interactions and Contagion Effects under Monetary Unions

摘要: This paper applies game theory and a cost-benefit analysis to study voluntary exits contagion effects in countries joined monetary union. The looks at two non-core or periphery of large union examines the role structural asymmetries strategic interactions as determinants equilibrium outcomes, following both country-specific common shocks. finds that under almost symmetry between countries, shocks are never associated with multiple equilibria and, if enough, can spread other leading contagion. By contrast, seen sustain almost-symmetric considered have implications similar those found case admitted.