NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Exit from a Monetary Union through Euroization: Discipline without Chaos

Russell Cooper

NBER Working Paper No. 17908
Issued in March 2012
NBER Program(s):   EFG

This paper studies the role of exit from a monetary union during a debt crisis. A monetary union, such as the European Monetary Union, needs to establish a procedure for exit as a tool to cope with debt default. The paper studies various forms of exit and argues that "Euroization" is both a credible and effective means of punishment for countries in default.

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Document Object Identifier (DOI): 10.3386/w17908

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