Bilateral and regional cooperation initiatives in Asia have been growing in importance over the last five years. These accords span the real and financial sectors; rather than following the more typical pattern of “trade first, money later”, recent policy initiatives involve the simultaneous implementation of trade and monetary/financial accords. Given this sequence, is there a case for monetary union in East Asia? Is there a case for expanded free-trade areas (FTAs) in the region? This paper argues that, at present, the post-sequencing of economic integration in Asia is developing such that trade agreements will ultimately complement the movement toward financial and monetary integration. While the political exigencies associated with monetary union pose serious challenges, it is argued that FTAs should help relax this constraint.
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Find related papers by JEL classification: F1 - International Economics - - Trade O24 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy F10 - International Economics - - Trade - - - General F15 - International Economics - - Trade - - - Economic Integration F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
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