Are The "Asean Plus Three" Countries Coming Closer To An Optimum Currency Area?
AbstractThis paper aims to investigate whether the East Asian countries — ASEAN5, China, Korea, and Japan — have developed a matching "Optimum Currency Area (OCA) theory" in recent years because the establishment of stable exchange rate linkages and the enhancement of monetary policy credibility are needed for further economic developments in East Asia. In developing the earlier generalized purchasing power parity (G-PPP) model into an up-to-date nonlinear econometric model and considering the adoption of the Asian Monetary Unit (AMU) into this area, this paper could have positive empirical results, which suggest for forming a common currency area in East Asia.
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Bibliographic InfoArticle provided by World Scientific Publishing Co. Pte. Ltd. in its journal China Economic Policy Review.
Volume (Year): 01 (2012)
Issue (Month): 02 ()
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Web page: http://www.worldscinet.com/cepr/cepr.shtml
Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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