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A Single Currency for Pacific Island Countries: An SVAR Analysis

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Author Info

  • Jayaraman, Tiru K.

    ()
    (University of the South Pacific, Faculty of Business and Economics, School of Economics)

  • Ward , Bert D.

    ()
    (Commerce Division, Lincoln University)

Abstract

Interest in monetary integration of 14 Pacific island countries was aroused in 2003 by an Australian Senate Committee’s suggestion for adoption of the Australian dollar as common currency towards deeper regional integration. A common currency entails a single set of economic, monetary, financial and fiscal policies to influence the balance of payments of the region. Such a single set of policies can be justified only when all the prospective member countries face a similar pattern of shocks. this paper develops a structural VAr model with which to examine whether there exists a high degree of symmetry in shocks. The empirical findings fail to support the case for a currency union.

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Bibliographic Info

Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

Volume (Year): 59 (2006)
Issue (Month): 1 ()
Pages: 83-111

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Handle: RePEc:ris:ecoint:0093

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Cited by:
  1. Bonpasse, Morrison, 2007. "The Single Global Currency - Common Cents for Business," MPRA Paper 6199, University Library of Munich, Germany.
  2. Michael Turner & Alistair Brown, 2013. "The Performance of Melanesian Central Banks," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 2(1), pages 89-110.
  3. Willie Lahari, 2010. "Permanent and Transitory Shocks among Pacific Island Economies - Prospects for a Pacific Islands Currency Union," Working Papers 1001, University of Otago, Department of Economics, revised Feb 2010.
  4. Bonpasse, Morrison, 2008. "The Single Global Currency - Common Cents for Commerce," MPRA Paper 7002, University Library of Munich, Germany.
  5. repec:cbk:journl:v:1:y:2013:i:3:p:89-110 is not listed on IDEAS
  6. T. K. Jayaraman & Huay-Huay Lee & Hock-Ann Lee, 2006. "Regional Economic Integration in the Pacific: An Empirical Study," Global Economic Review, Taylor & Francis Journals, vol. 35(2), pages 177-192.
  7. Raji, Rahman Olanrewaju, 2012. "REAL Exchange Rate Misalignment and Economic Performance of WEST AFRICAN MONETARY ZONE:Implications for macroeconomic unionisation," MPRA Paper 37385, University Library of Munich, Germany.

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