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Is Time Ripe for a Currency Union in Emerging East Asia?: The Role of Monetary Stabilization

Author

Listed:
  • Sánchez, Marcelo

    (European Central Bank)

Abstract

This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. We develop a simple analytical framework for currency unions of small open economies. The empirical analysis looks at a number of supply-side characteristics of EEA countries highlighted by the model, distinguishing between aggregate and tradable sector structural features. Moreover, we discuss the evidence on the cross-country correlation of disturbances hitting the region. Our study indicates that, at present, EEA economies exhibit a high degree of cross-country supply diversity, while there is no compelling evidence that shocks are highly correlated across the region.

Suggested Citation

  • Sánchez, Marcelo, 2006. "Is Time Ripe for a Currency Union in Emerging East Asia?: The Role of Monetary Stabilization," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 21, pages 736-763.
    • Handle: RePEc:ris:integr:0376
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    Cited by:

    1. Sánchez, Marcelo, 2009. "Characterising the inflation targeting regime in South Korea," Working Paper Series 1004, European Central Bank.

    More about this item

    Keywords

    East Asia; Emerging economies; Currency union; Stabilization;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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