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Patterns of Shocks and Regional Monetary Cooperation in South Asia

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  • Nephil Matangi Maskay

Abstract

The member states of the South Asian Association for Regional Cooperation have set as a target the achievement of an economic union by 2020. Reaching this goal will require greater levels of monetary cooperation. How should this be achieved? Data from South Asia suggest that member states have minor trade linkages and face asymmetrical patterns of shocks. This paper concludes that, absent a clear road map for monetary cooperation, the present process must be structured so as to be harmonized with the level of regional economic integration.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/240.

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Length: 28
Date of creation: 01 Dec 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/240

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Keywords: Asia; Structural adjustment; Trade; exchange rate; economic integration; exchange rates; output growth; exchange rate policy; exchange rate regimes; monetary integration; effective exchange rates; free trade; regional trade; monetary union; effective exchange rate; trade area; free trade area; nominal exchange rates; real effective exchange rates; bilateral exchange rates; international trade; trade flows; nominal effective exchange rate; terms of trade; average exchange rate; exchange rate risk; bilateral trade; exchange rate movements; exchange rate regime; economic cooperation; currency unions; regional integration; real effective exchange rate; trade patterns; fixed exchange rate; trade openness; trading patterns; nominal exchange rate; world economy; trading agreement; trade agreement; free trade agreement; open economies; exchange rate data; balance of payments; optimum currency areas; exchange arrangements; foreign exchange; pattern of shocks; adjustment process; trade pattern; member country; fixed exchange rate regime; exchange rate management; preferential trading; merchandise trade;

References

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  1. Bayoumi, Tamim & Ostry, Jonathan D, 1997. "Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa: Implications for Optimum Currency Arrangements," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 6(3), pages 412-44, October.
  2. Bayoumi, Tamim & Eichengreen, Barry & Mauro, Paolo, 2000. "On Regional Monetary Arrangements For ASEAN," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2411, C.E.P.R. Discussion Papers.
  3. Bayoumi, T. & Eichengreen, B., 1994. "One Money or Many? Analysing the Prospects for Monetary Unification in Various Parts of the World," Princeton Studies in International Economics, International Economics Section, Departement of Economics Princeton University, 76, International Economics Section, Departement of Economics Princeton University,.
  4. Karras, Georgios & Stokes, Houston H., 2001. "Time-varying criteria for monetary integration: evidence from the EMU," International Review of Economics & Finance, Elsevier, Elsevier, vol. 10(2), pages 171-185.
  5. Md. Akhtar Hossain, 2002. "Exchange Rate Responses to Inflation in Bangladesh," IMF Working Papers 02/166, International Monetary Fund.
  6. Catherine A. Pattillo & Paul R. Masson, 2001. "Monetary Union in West Africa (ECOWAS)," IMF Occasional Papers 204, International Monetary Fund.
  7. Khan, Saleem M. & Khan, Zahira S., 2003. "Asian economic integration: a perspective on South Asia," Journal of Asian Economics, Elsevier, Elsevier, vol. 13(6), pages 767-785, January.
  8. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, Peterson Institute for International Economics, number pa68, November.
  9. George Tavlas, 1994. "The theory of monetary integration," Open Economies Review, Springer, Springer, vol. 5(2), pages 211-230, March.
  10. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  11. Matangi Maskay, Nephil, 1998. "A Comment on Empirical Estimation of Patterns of Shocks Utilizing the VAR Methodology on Developing Countries," Journal of Economic Integration, Center for Economic Integration, Sejong University, Center for Economic Integration, Sejong University, vol. 13, pages 544-548.
  12. World Bank, 2002. "World Development Indicators 2002," World Bank Publications, The World Bank, number 13921, August.
  13. Tamim Bayoumi & Paolo Mauro, 2001. "The Suitability of ASEAN for a Regional Currency Arrangement," The World Economy, Wiley Blackwell, Wiley Blackwell, vol. 24(7), pages 933-954, 07.
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