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Monetary Integration in East Asia: A Hierarchical Clustering Approach

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  • Chee-Heong Quah
  • Patrick M. Crowley

Abstract

Currently, a number of the fastest growing economies in the world are located in East Asia. Given these countries' dominance in the region, any monetary integration scheme in Asia would likely have to include them. This paper attempts to assess the evolution of convergence among the East Asian countries according to optimum currency area theory operationalized using a hierarchical cluster analysis. The clustering exercise is done for periods before and after the Asian crisis of 1997-98. The results suggest a significant rise in the degree of regional symmetry after the Asian crisis. Copyright 2010 Blackwell Publishing Ltd

Suggested Citation

  • Chee-Heong Quah & Patrick M. Crowley, 2010. "Monetary Integration in East Asia: A Hierarchical Clustering Approach," International Finance, Wiley Blackwell, vol. 13(2), pages 283-309, August.
  • Handle: RePEc:bla:intfin:v:13:y:2010:i:2:p:283-309
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    1. repec:gam:jecomi:v:4:y:2016:i:2:p:8:d:68929 is not listed on IDEAS
    2. Berdiev, Aziz N. & Chang, Chun-Ping, 2015. "Business cycle synchronization in Asia-Pacific: New evidence from wavelet analysis," Journal of Asian Economics, Elsevier, vol. 37(C), pages 20-33.
    3. Chee-Heong Quah & Patrick M. Crowley, 2012. "China and the Dollar: An Optimum Currency Area View," Prague Economic Papers, University of Economics, Prague, vol. 2012(4), pages 391-411.
    4. repec:prg:jnlpep:v:2013:y:2013:i:4:id:431:p:391-411 is not listed on IDEAS
    5. Chee-Heong Quah, 2016. "A Diagnostic on the West African Monetary Union," South African Journal of Economics, Economic Society of South Africa, vol. 84(1), pages 129-148, March.
    6. Petr Rozmahel & Ludek Kouba & Ladislava Grochov√° & Nikola Najman, 2013. "Integration of Central and Eastern European Countries: Increasing EU Heterogeneity?," WWWforEurope Working Papers series 9, WWWforEurope.
    7. Chee-Heong Quah, 2016. "Germany versus the United States: Monetary Dominance in the Eurozone," Economies, MDPI, Open Access Journal, vol. 4(2), pages 1-16, April.
    8. Chee-Heong Quah, 2014. "Clustering eurozone cycles," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(6), pages 3447-3462, November.

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