Econ 422 International Payments
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Econ 422
International Payments
Winter 2020
Term paper
Is the North American Free Trade Agreement (NAFTA) an Optimum Currency Area?
NAFTA is an agreement between the U.S., Canada, and Mexico, which came into effect in 1994, creating one of the largest trade blocs in the world by GDP.
Based on what you learned in this course about the theory of Optimum Currency Area (OCA) developed by Robert Mundell, I would like you to write an essay on whether you think the NAFTA qualifies to be an optimum currency area by checking whether all the conditions of an OCA are
satisfied.
I also expect to see in the essay the potential benefits and costs from the formation of a monetary union between the three countries and the current barriers, if any exist, that prevent the creation of this monetary union. You can also present some recommendations to the policymakers in the three countries on how to accelerate the formation of that monetary union if there is an interest to form that union.
Students are expected to benefit from the posted notes on eclass and to utilize relevant online resources
on the internet, including published official data, journal articles, and reports related to the essay topic.
Essay Length: 1000 -1200 words.
Every student must submit an individual essay.
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