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Are Optimal Currency Areas Optimal for All? A Reassessment of the Case for Asian Monetary Union

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Author Info
Sweta C. Saxena (University of Pittsburgh)

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Abstract

This paper is a pioneering attempt to include India with east and Southeast Asia to study the existence of the economic criteria for a common currency. The analysis in this paper shows that significant complementarities in trade exist among these countries, most of them experience similar shocks and labor mobility is already present. These results point to the fact that the cost of adopting a single currency may be minimal, while huge benefits could accrue from enhanced trade. The paper also recognizes the importance of yen for the success of the monetary union in Asia.

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Publisher Info
Paper provided by EconWPA in its series International Finance with number 0508003.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 38 pages
Date of creation: 09 Aug 2005
Date of revision:
Handle: RePEc:wpa:wuwpif:0508003

Note: Type of Document - pdf; pages: 38
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Web page: http://129.3.20.41

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Related research
Keywords: Common Currency; Optimum Currency Areas; Monetary Union; Asia; India.;

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Find related papers by JEL classification:
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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  1. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Olivier Jean Blanchard & Danny Quah, 1990. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," NBER Working Papers 2737, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. R J R Elliott & K Ikemoto, 2003. "AFTA and the Asian Crisis: Help or Hindrance to ASEAN Intra-Regional Trade?," The School of Economics Discussion Paper Series 0311, Economics, The University of Manchester. [Downloadable!]
    Other versions:
  4. Jeffrey A. Frankel & David Romer & Teresa Cyrus, 1996. "Trade and Growth in East Asian Countries: Cause and Effect?," NBER Working Papers 5732, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September. [Downloadable!] (restricted)
  6. Andrew K. Rose, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," NBER Working Papers 7432, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Jeffrey A. Frankel & David Romer, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June. [Downloadable!] (restricted)
  8. Saxena, Sweta Chaman, 2005. "Can South Asia adopt a common currency?," Journal of Asian Economics, Elsevier, vol. 16(4), pages 635-662, August. [Downloadable!] (restricted)
    Other versions:
  9. Tamim Bayoumi, 1991. "The Effect of the ERM on Participating Economies," IMF Working Papers 91/86, International Monetary Fund.
  10. Paul R. Masson & Catherine A. Pattillo, 2001. "Monetary Union in West Africa (ECOWAS)," IMF Occasional Papers 204, International Monetary Fund.
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This page was last updated on 2009-11-13.

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