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A Currency Union in East Asia

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Author Info

  • Jong-Wha Lee
  • Yung Chul Park
  • Kwanho Shin

Abstract

This paper investigates prospects of a currency union in East Asia, focusing on trade and financial integration occurring in the region. We find, based on a dynamic factor model, regional common shocks have been quantitatively important for output variations in the Asian economies. We expect that continuing trade integration in the region will lead to further synchronization of business cycles, thereby encouraging East Asian countries to create a currency union in the region. In contrast to trade, however, financial liberalization in East Asia tends to lead to more global integration, rather than regional integration, of the financial systems, and thereby is not likely to develop favorable conditions for forming a regional currency union among East Asian countries.

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File URL: http://www.iser.osaka-u.ac.jp/library/dp/2003/DP0571.pdf
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Bibliographic Info

Paper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0571.

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Date of creation: Mar 2003
Date of revision:
Handle: RePEc:dpr:wpaper:0571

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Cited by:
  1. Chan, Tze-Haw & Khong, Wye Leong Roy, 2007. "Business Cycle Correlation and Output Linkages among the Asia Pacific Economies," MPRA Paper 11305, University Library of Munich, Germany, revised 24 Oct 2008.
  2. Sánchez, Marcelo, 2005. "Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation," Working Paper Series 0567, European Central Bank.
  3. Willem Thorbecke & Mario Lamberte & Ginalyn Komoto, 2010. "Promoting Learning and Industrial Upgrading in ASEAN Countries," Finance Working Papers 23287, East Asian Bureau of Economic Research.
  4. Shin, Kwanho & Wang, Yunjong, 2004. "Trade integration and business cycle co-movements: the case of Korea with other Asian countries," Japan and the World Economy, Elsevier, vol. 16(2), pages 213-230, April.
  5. Yin-wong Cheung & Jude Yuen, 2004. "The Suitability of A Greater China Currency Union," Working Papers 122004, Hong Kong Institute for Monetary Research.
  6. Kim, Soyoung & Lee, Jong-Wha & Shin, Kwanho, 2006. "Regional and Global Financial Integration in East Asia," MPRA Paper 695, University Library of Munich, Germany.
  7. Kwanho Shin & Yunjong Wang, 2003. "Trade Integration and Business Cycle Synchronization in East Asia," Asian Economic Papers, MIT Press, vol. 2(3), pages 1-20.
  8. Yin-Wong Cheung & Jude Yuen, 2004. "An Output Perspective on a Northeast Asia Currency Union," CESifo Working Paper Series 1250, CESifo Group Munich.
  9. Watanabe, Shingo & Ogura, Masanobu, 2010. "How far apart are the two ACUs from each other? Asian currency unit and Asian currency union," Emerging Markets Review, Elsevier, vol. 11(2), pages 152-172, June.
  10. Kwanho Shin & Yunjong Wang, 2005. "The Impact of Trade Integration on Business Cycle Co-Movements in Europe," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 141(1), pages 104-123, April.
  11. Bouchouicha, Ranoua & Ftiti, Zied, 2012. "Real estate markets and the macroeconomy: A dynamic coherence framework," Economic Modelling, Elsevier, vol. 29(5), pages 1820-1829.
  12. Eric Girardin, 2004. "Regime-Dependent Synchronization of Growth Cycles between Japan and East Asia," Asian Economic Papers, MIT Press, vol. 3(3), pages 147-176.
  13. Chan, Tze-Haw & Lau, Evan, 2004. "Business cycles and the synchronization process: a bounds testing approach," MPRA Paper 2030, University Library of Munich, Germany, revised 2005.
  14. Kwanho Shin & Yunjong Wang, 2003. "Monetary Integration Ahead of Trade Integration in East Asia?," ISER Discussion Paper 0572, Institute of Social and Economic Research, Osaka University.

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