<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-952X</journal-id>
<journal-title><![CDATA[Economía UNAM]]></journal-title>
<abbrev-journal-title><![CDATA[Economía UNAM]]></abbrev-journal-title>
<issn>1665-952X</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Instituto de Investigaciones Económicas]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-952X2018000100070</article-id>
<article-id pub-id-type="doi">10.22201/fe.24488143e.2018.43.384</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La teoría de las áreas monetarias óptimas: una actualización a la luz de la experiencia europea]]></article-title>
<article-title xml:lang="en"><![CDATA[Theory of Optimal Currency Areas: an update in light of the European experience]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Brown del Rivero]]></surname>
<given-names><![CDATA[Alfonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Anáhuac Facultad de Economía y Negocios Campus Norte]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>04</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>04</month>
<year>2018</year>
</pub-date>
<volume>15</volume>
<numero>43</numero>
<fpage>70</fpage>
<lpage>87</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-952X2018000100070&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-952X2018000100070&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-952X2018000100070&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La teoría de las Áreas Monetarias Óptimas (AMO) ha seguido un desarrollo paralelo al pro- ceso de integración europea. Si bien esta teoría precede al sistema monetario europeo, su desarrollo se ha dado a la par de esta experiencia. Hasta antes de la crisis del euro se podían distinguir dos etapas en el desarrollo de la teoría de las AMO, la primera enfocada al análisis de las condiciones apropiadas para crear o pertenecer a una unión monetaria y, la segunda, al análisis de sus costos y beneficios. A raíz de la crisis del euro se puede distinguir una tercera etapa en la que han quedado al descubierto algunas limitaciones y aspectos que en su momento no merecieron suficiente atención. En esta etapa adquiere una relevancia crítica el diseño institucional de una unión monetaria. Una de las principales limitaciones se refiere a la magnitud y naturaleza de los choques asimétricos, así como la conveniencia de los mecanismos propuestos para compensarlos. Entre los problemas no anticipados están las crisis de confianza que se derivan del rápido crecimiento de la carga fiscal y la falta de solvencia de algunos gobiernos, agravada por la pérdida de capacidad para emitir deuda en una moneda autónoma. Otro tema ausente en la teoría de las AMO es la ausencia de garantías a nivel federal para los depósitos bancarios en los países afectados. En este artículo se analiza el desempeño de la Unión Monetaria Europea a la luz de los fundamentos de la teoría de las AMO y con base en ello se discuten los nuevos elementos que han surgido a la luz de la experiencia europea reciente.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The theory of Optimal Currency Areas (OCA) has followed a parallel development vis a vis the process of European integration. While this theory precedes the European Monetary System, its development has been coupled with this experience. Up to the euro crisis two stages could be distinguished in the development of the OCA theory, the first one focused on the analysis of the appropriate conditions to create a monetary union and the second, centered on the analysis of its costs and benefits. After the euro crisis a third stage can be distinguished in which some limitations of the theory have been revealed and unexpected problems have emerged. In this stage the institutional design of a monetary union becomes critical. One of the main limitations concerns the magnitude and nature of asymmetric shocks, as well as the appropriateness of the proposed mechanisms to deal with them. One of the unanticipated problems is the rapid growth of the tax burden that has put some governments in solvency troubles, due to the loss of capacity to issue debt in an autonomous currency. Another major problem is the lack of guarantees at the federal level for bank deposits in the affected countries. This paper analyzes the performance of the European Monetary Union in light of the theory of AMO, and new elements based on the recent european experience are discussed.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Unión monetaria]]></kwd>
<kwd lng="es"><![CDATA[Tipos de cambio]]></kwd>
<kwd lng="es"><![CDATA[Política monetaria]]></kwd>
<kwd lng="es"><![CDATA[Política fiscal]]></kwd>
<kwd lng="es"><![CDATA[Choques asimétricos]]></kwd>
<kwd lng="es"><![CDATA[Eurozona]]></kwd>
<kwd lng="en"><![CDATA[Monetary Union]]></kwd>
<kwd lng="en"><![CDATA[Exchange Rates]]></kwd>
<kwd lng="en"><![CDATA[Monetary Policy]]></kwd>
<kwd lng="en"><![CDATA[Fiscal Policy]]></kwd>
<kwd lng="en"><![CDATA[Asymmetric Shocks]]></kwd>
<kwd lng="en"><![CDATA[Eurozone]]></kwd>
</kwd-group>
</article-meta>
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