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Coopération monétaire en Asie de l'Est : l'apport des tests de causalité et de la cointégration

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  • David Martineau
  • Kiichiro Fukasaku

Abstract

[eng] Monetary Co-Operation in East Asia: Causality and Cointégration Tests by Kiichiro Fukasaku and David Martineau . This paper studies the East Asian economies' monetary policies following the liberalisation of the monetary markets over the 1980-1995 period. We discuss conditions for monetary co-operation in this newly «free» monetary market. Causality tests and estimates of currency demand functions using the cointégration method show that the region's monetary markets have now attained a high level of integration. Lastly, we show that Singapore's monetary policy is a key to explaining the level of interest rates and the currency demand of neighbouring countries over this period. [fre] Coopération monétaire en Asie de l'Est : l'apport des tests de causalité et de la cointégration . par Kiichiro Fukasaku et David Martineau . Dans cet article, nous examinons les politiques monétaires des économies de l'Asie de l'Est à la suite de la libéralisation des marchés monétaires sur la période 1980-95. Nous discutons des conditions d'une coopération monétaire dans cet espace monétaire nouvellement "libéralisé". À l'aide de tests de causalité et d'estimations des fonctions de demandes de monnaie par la méthode de la cointégration, nous démontrons que les marchés monétaires de la région ont aujourd'hui atteints un fort niveau d'intégration. Enfin, nous montrons que la politique monétaire de Singapour est un élément clef de l'explication du niveau des taux d'intérêt et de la demande de monnaie des pays voisins sur cette période.

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File URL: http://dx.doi.org/doi:10.3406/ecop.1999.5978
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File URL: http://www.persee.fr/articleAsPDF/ecop_0249-4744_1999_num_140_4_5978/ecop_0249-4744_1999_num_140_4_5978.pdf?mode=light
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Bibliographic Info

Article provided by Programme National Persée in its journal Économie & prévision.

Volume (Year): 140 (1999)
Issue (Month): 4 ()
Pages: 105-116

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Handle: RePEc:prs:ecoprv:ecop_0249-4744_1999_num_140_4_5978

Note: DOI:10.3406/ecop.1999.5978
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Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecop

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  1. Junichi Goto & Koichi Hamada, 1994. "Economic Preconditions for Asian Regional Integration," NBER Chapters, in: Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows, NBER-EASE Volume 3, pages 359-388 National Bureau of Economic Research, Inc.
  2. Jeffrey A. Frankel & Shang-Jin Wei, 1994. "Yen Bloc or Dollar Bloc? Exchange Rate Policies of the East Asian Economies," NBER Chapters, in: Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows, NBER-EASE Volume 3, pages 295-333 National Bureau of Economic Research, Inc.
  3. Jeffrey A. Frankel and Shang-Jin Wei., 1993. "Emerging Currency Blocs," Center for International and Development Economics Research (CIDER) Working Papers C93-026, University of California at Berkeley.
  4. Helmut Reisen, 1995. "Managing Temporary Capital Inflows: Lessons from Asia and Latin America," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 34(4), pages 395-427.
  5. Jeffrey A. Frankel, 1992. "Is Japan creating a yen bloc in East Asia and the Pacific?," Pacific Basin Working Paper Series 92-09, Federal Reserve Bank of San Francisco.
  6. James Riedel, 1997. "Capital Market Integration in Developing Asia," The World Economy, Wiley Blackwell, vol. 20(1), pages 1-20, 01.
  7. Hatanaka, Michio, 1996. "Time-Series-Based Econometrics: Unit Roots and Co-integrations," OUP Catalogue, Oxford University Press, number 9780198773535.
  8. Chinn, Menzie D & Frankel, Jeffrey A, 1995. "Who drives real interest rates around the Pacific Rim: the USA or Japan?," Journal of International Money and Finance, Elsevier, vol. 14(6), pages 801-821, December.
  9. Corbo, Vittorio & Hernandez, Leonardo, 1994. "Macroeconomic adjustment to capital inflows : Latin American style versus East Asian style," Policy Research Working Paper Series 1377, The World Bank.
  10. Reuven Glick & Ramon Moreno, 1994. "Capital flows and monetary policy in East Asia," Pacific Basin Working Paper Series 94-08, Federal Reserve Bank of San Francisco.
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