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Prospects for a Single Asian Currency

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  • Abhijit Sen Gupta

    (Associate Professor, Centre for International Trade and Development, School of International Studies, Jawaharlal Nehru University)

Abstract

This paper evaluates the prospects for greater exchange rate coordination amongst Asian countries. This would help in fostering greater trade and investment linkages within the region and diversification of the reserve currency away from the US Dollar, both of which would shelter Asian economies from events like the recent financial crisis in the future. The paper constructs an hypothetical Asian Currency Unit to evaluate the degree of exchange rate coordination amongst the member countries, and finds that the participating countries have displayed disparate movements against the ACU, indicating the varied objectives of the policymakers. The paper also evaluates role of some of the regional initiatives in encouraging financial and monetary cooperation, and concludes that while these initiatives are extremely important, they need to be significantly strengthened in a world of rapidly changing global financial architecture.

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File URL: http://www.mof.go.jp/english/pri/publication/pp_review/ppr011/ppr011f.pdf
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Bibliographic Info

Article provided by Policy Research Institute, Ministry of Finance Japan in its journal Public Policy Review.

Volume (Year): 6 (2010)
Issue (Month): 5 (June)
Pages: 873-892

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Handle: RePEc:mof:journl:ppr011f

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Web page: http://www.mof.go.jp/pri/
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Related research

Keywords: Financial crisis; Common Currency Area; Asian Integration;

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  1. Kenen,Peter B. & Meade,Ellen E., 2008. "Regional Monetary Integration," Cambridge Books, Cambridge University Press, number 9780521862509, October.
  2. Gourinchas, Pierre-Oliver & Farhi, Emmanuel & Caballero, Ricardo J., 2008. "Financial Crash, Commodity Prices, and Global Imbalances," Scholarly Articles 3229095, Harvard University Department of Economics.
  3. Haruhiko Kuroda & Masahiro Kawai, 2002. "Strengthening Regional Financial Cooperation in East Asia," Asia Pacific Economic Papers 332, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
  4. Barry Eichengreen, 2006. "The Parallel-Currency Approach to Asian Monetary Integration," American Economic Review, American Economic Association, vol. 96(2), pages 432-436, May.
  5. Ricardo J. Caballero & Arvind Krishnamurthy, 2009. "Global Imbalances and Financial Fragility," NBER Working Papers 14688, National Bureau of Economic Research, Inc.
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