Promoting a greater financial stability after the 1997 and subprime crisis: exploring the opportunity of a regional monetary unit in East Asia
AbstractAfter the first Asian currency crisis, a financial turmoil has recently dragged the global economy along for the ride. We propose a roadmap for strengthening financial architecture in East Asia in confirming a scope for deeper monetary integration on the basis of their symmetry in macroeconomic disturbances. Specifically, we verify empirically via the Bayoumi and Eichengreen vector autoregression (VAR) approach the incidences of transitory and permanent shocks as a way of identifying plausible candidates to form an optimum currency area. A regional monetary integration would be to start with smaller sub-groupings that could culminate in a single currency area.
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Bibliographic InfoArticle provided by Inderscience Enterprises Ltd in its journal Afro-Asian J. of Finance and Accounting.
Volume (Year): 2 (2011)
Issue (Month): 3 ()
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Web page: http://www.inderscience.com/browse/index.php?journalID=214
exchange rates; structural vector autoregression; optimum currency area; OCA; correlated shocks; regional monetary integration; East Asia; Asian currency crisis; financial crisis; subprime crisis; regional monetary units; transitory shocks; permanent shocks; single currency.;
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