Optimal Monetary Area and Specific Globalization of States: Ireland, a Limit Case
DOI:
https://doi.org/10.18559/xzs30093Keywords:
Globalization, Migration, Optimum Currency Areas (OCA), Economic recessionAbstract
Some Euro zone countries hurt by the recent crisis were fortunate to achieve better economic adjustment through the help of their extra zone relationships. A new paradigm called «specific globalisation» summarizes this advantage. The case of Ireland illustrate this new approach very well, particularly for the Mundellian criterion of labour movements but also by its integration within the Anglo-Saxon world due to its special relationships in terms of migration, US direct investments and price competition with the United Kingdom. By means of this outstanding out-zone globalization and by its strong and quick migration reactivity during the recent economic crisis, Ireland is an exemplar case; but also a limit case.
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