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The Post-Crisis Sequencing of Economic Integration in Asia: Trade as a Complement to a Monetary Future

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Author Info
Plummer, Michael G. () (Johns Hopkins University SAIS–Bologna)
Wignaraja, Ganeshan () (Asian Development Bank)

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Abstract

Bilateral and regional cooperation initiatives in Asia have been growing in importance over the last five years.These accords span the real and financial sectors; rather than following the more typical pattern of "trade first,money later", recent policy initiatives involve the simultaneous implementation of trade and monetary/financial accords. Given this sequence, is there a case for monetary union in East Asia? Is there a case for expanded free-trade areas (FTAs) in the region? This paper attempts to answer these questions using a variety of empirical techniques, including a Computational General Equilibrium (CGE) model, to evaluate the economics of monetary/financial integration and various configurations of FTAs in Asia. We conclude that, at present, the postsequencing of economic integration in Asia is developing such that trade agreements will ultimately complement the movement toward financial and monetary integration. While the political constraint on monetary union is real,it is argued that FTAs should help relax this constraint, adding a political complement to the trade complement.

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Publisher Info
Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 9.

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Length: 30 pages
Date of creation: 01 May 2007
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Handle: RePEc:ris:adbrei:0009

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Related research
Keywords: Economic Integration; Asian Free-Trade Areas; Monetary Union; Trade Policy;

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Find related papers by JEL classification:
F15 - International Economics - - Trade - - - Economic Integration
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

Cited by:
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  1. Ramesh Chandra & Rajiv Kumar, 2008. "South Asian Integration Prospects and Lessons from East Asia," Indian Council for Research on International Economic Relations, New Delhi Working Papers 202, Indian Council for Research on International Economic Relations, New Delhi, India. [Downloadable!]
  2. Rahman, Mizanur, 2008. "The Impact of a Common Currency on East Asian Production Networks and China’s Exports Behavior," MPRA Paper 13931, University Library of Munich, Germany. [Downloadable!]
  3. ANDO Mitsuyo, 2009. "Impacts of FTAs in East Asia: CGE Simulation Analysis," Discussion papers 09037, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  4. Hans Genberg & Pierre L. Siklos, 2009. "Revisiting the Shocking Aspects of Asian Monetary Unification," Working Papers 192009, Hong Kong Institute for Monetary Research. [Downloadable!]
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