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Tests of microeconomic foundations of Asian common currency areas

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  • Swofford, James L.
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    Abstract

    The formation of the euro bloc sparked renewed interest in other potential common currency areas. Swofford [Swofford, J. L. (2000). Microeconomic foundations of an optimal currency area. Review of Financial Economics, 9, 121-128] set forth some microeconomic foundations for a common currency area. In this paper, some results from tests of these microeconomic foundations for various hypothesized Asian common currency areas are presented. These results can be viewed as broadly favorable for the formation of some Asian common currency areas.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Asian Economics.

    Volume (Year): 19 (2008)
    Issue (Month): 3 (June)
    Pages: 254-258

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    Handle: RePEc:eee:asieco:v:19:y:2008:i:3:p:254-258

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    Web page: http://www.elsevier.com/locate/asieco

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    1. Swofford, James L & Whitney, Gerald A, 1987. "Nonparametric Tests of Utility Maximization and Weak Separability for Consumption, Leisure and Money," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 458-64, August.
    2. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, Elsevier, vol. 17(2), pages 271-291, March.
    3. Varian, Hal R, 1982. "The Nonparametric Approach to Demand Analysis," Econometrica, Econometric Society, Econometric Society, vol. 50(4), pages 945-73, July.
    4. William A. Barnett, 2003. "Aggregation-Theoretic Monetary Aggregation over the Euro Area, when Countries are Heterogeneous," Macroeconomics, EconWPA 0309018, EconWPA.
    5. Swofford, James L & Whitney, Gerald A, 1986. "Flexible Functional Forms and the Utility Approach to the Demand for Money: A Nonparametric Analysis: A Note," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 18(3), pages 383-89, August.
    6. Andrew K. Rose & Eric van Wincoop, 2001. "National Money as a Barrier to International Trade: The Real Case for Currency Union," American Economic Review, American Economic Association, American Economic Association, vol. 91(2), pages 386-390, May.
    7. Swofford, James L., 2000. "Microeconomic foundations of an optimal currency area," Review of Financial Economics, Elsevier, Elsevier, vol. 9(2), pages 121-128, December.
    8. Dutta, M., 2000. "The euro revolution and the European Union: monetary and economic cooperation in the Asia-Pacific region," Journal of Asian Economics, Elsevier, Elsevier, vol. 11(1), pages 65-88.
    9. James Swofford, 2005. "Tests of microeconomic foundations of a North American common currency area," Canadian Journal of Economics, Canadian Economics Association, vol. 38(2), pages 420-429, May.
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    Cited by:
    1. Binner, Jane & Chen, Shu-Heng & Lai, Ke-Hung & Mullineux, Andrew & Swofford, James L., 2011. "Do the ASEAN countries and Taiwan form a common currency area?," Journal of International Money and Finance, Elsevier, Elsevier, vol. 30(7), pages 1429-1435.
    2. Mishra, Ritesh Kumar & Sharma, Chandan, 2010. "Real exchange rate behavior and optimum currency area in East Asia: Evidence from Generalized Purchasing Power Parity," International Review of Financial Analysis, Elsevier, Elsevier, vol. 19(3), pages 205-213, June.

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