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International eco: International financial institutions, Bretton woods…
International eco: International financial institutions, Bretton woods institutions Lect 20 part 3
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Costs of common currency
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note: costs of common currency depend on degree of market integration;
for example: loss due to fixed exchange rates mitigated if goods markets integrated: decrease in demand for domestic goods
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depends on degree of economic integration; complete economic integration: marginal decrease of domestic prices to restore demand
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