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Monetary integration in ASEAN+3: A perception survey of opinion leaders

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Author Info

  • Rana, Pradumna Bickram
  • Chia, Wai-Mun
  • Jinjarak, Yothin

Abstract

Recently, the ASEAN+3 countries have taken a number of measures to bolster monetary integration. These include the establishment of the ASEAN+3 Economic Review and Policy Dialogue and the Chiang Mai Initiative Multilateralization (CMIM). More recently, the ASEAN+3 Macroeconomic Research Office (AMRO) was also established as an independent surveillance unit. Also, business cycles in the region are starting to become more synchronized. Policymakers have, however, not heeded to calls for introducing a regional monetary unit (RMU) to strengthen regional surveillance and to promote greater exchange rate coordination. Why and what are the practical issues and constraints in introducing the RMU? What actions could be taken in the short and the longer term to promote exchange rate coordination? This paper assesses the views of ASEAN+3 opinion leaders through a perception survey. The opinion leaders feel that RMU, CMIM, and AMRO could go a long way in deepening monetary integration in the region.

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Bibliographic Info

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

Volume (Year): 23 (2012)
Issue (Month): 1 ()
Pages: 1-12

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Handle: RePEc:eee:asieco:v:23:y:2012:i:1:p:1-12

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

Related research

Keywords: RMU; CMIM; AMRO; Monetary integration; Business cycles;

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References

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  1. Masahiro Kawai, 2010. "Reform of the International Financial Architecture: An Asian Perspective," Working Papers id:3066, eSocialSciences.
  2. Barry Eichengreen, 2006. "The Parallel-Currency Approach to Asian Monetary Integration," American Economic Review, American Economic Association, vol. 96(2), pages 432-436, May.
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Cited by:
  1. Rana, Pradumna B., 2013. "From a Centralized to a Decentralized Global Economic Architecture: An Overview," ADBI Working Papers 401, Asian Development Bank Institute.

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