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La question du régime de change en Asie de l'Est : vers un bloc monétaire régional ?

Author

Listed:
  • Catherine Figuière

    (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2)

  • Laëtitia Guilhot

    (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2)

  • Cyriac Guillaumin

    (CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2)

Abstract

Since the financial crisis of 1997-1998, East Asian countries have developed many initiatives for monetary and financial cooperation. The global crisis that began in 2007 has further accelerated the process of cooperation. The Multilateralization of the Chiang Mai Initiative in 2010 became the key element in establishing an Asian Monetary Fund. This strengthening of institutional integration, coupled with increasing economic interdependence, raises issues regarding the possible creation of a de facto currency bloc in the region. The aim of this paper is to explore this hypothesis using nonstationary panel data. The tools of convergence are translated to the exchange rates and we test, after having defined it, the hypothesis of a currency bloc using the three generations of panel unit root tests. Our resuls show, firstly, a decoupling of East Asian currencies vis-à-vis the dollar and, secondly, the emergence of a convergence towards regional targets.

Suggested Citation

  • Catherine Figuière & Laëtitia Guilhot & Cyriac Guillaumin, 2013. "La question du régime de change en Asie de l'Est : vers un bloc monétaire régional ?," Post-Print halshs-00828873, HAL.
  • Handle: RePEc:hal:journl:halshs-00828873
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    Cited by:

    1. Alary, Pierre & Lafaye de Micheaux, Elsa, 2013. "L’économie politique de l’Asie : état des lieux et perspectives de recherche pour l’Asie du Sud-Est," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 13.
    2. Pierre Alary & Elsa Lafaye de Micheaux, 2013. "L’économie politique de l’Asie : état des lieux et perspectives de recherche pour l’Asie du Sud-Est," Post-Print hal-04085415, HAL.
    3. Laëtitia Guilhot & Catherine Mercier-Suissa & Jean Ruffier, 2013. "Face aux nouvelles stratégies déployées par les investisseurs chinois en Europe et en France : quelle(s) réponse(s) adopter ?," Post-Print hal-00926720, HAL.

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