Prospects for a Single Asian Currency
This paper evaluates the prospects for greater exchange rate coordination amongst Asian countries. This would help in fostering greater trade and investment linkages within the region and diversification of the reserve currency away from the US Dollar, both of which would shelter Asian economies from events like the recent financial crisis in the future. The paper constructs an hypothetical Asian Currency Unit to evaluate the degree of exchange rate coordination amongst the member countries, and finds that the participating countries have displayed disparate movements against the ACU, indicating the varied objectives of the policymakers. The paper also evaluates role of some of the regional initiatives in encouraging financial and monetary cooperation, and concludes that while these initiatives are extremely important, they need to be significantly strengthened in a world of rapidly changing global financial architecture.
Volume (Year): 6 (2010)
Issue (Month): 5 (June)
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References listed on IDEAS
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- Gourinchas, Pierre-Oliver & Farhi, Emmanuel & Caballero, Ricardo J., 2008.
"Financial Crash, Commodity Prices, and Global Imbalances,"
3229095, Harvard University Department of Economics.
- Caballero, Ricardo & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2008. "Financial Crash, Commodity Prices and Global Imbalances," CEPR Discussion Papers 7064, C.E.P.R. Discussion Papers.
- Ricardo J. Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2008. "Financial Crash, Commodity Prices and Global Imbalances," NBER Working Papers 14521, National Bureau of Economic Research, Inc.
- Ricardo J. Caballero & Arvind Krishnamurthy, 2009.
"Global Imbalances and Financial Fragility,"
American Economic Review,
American Economic Association, vol. 99(2), pages 584-88, May.
- Haruhiko Kuroda & Masahiro Kawai, 2002. "Strengthening Regional Financial Cooperation in East Asia," Asia Pacific Economic Papers 332, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
- repec:cup:cbooks:9780521862509 is not listed on IDEAS
- Barry Eichengreen, 2006. "The Parallel-Currency Approach to Asian Monetary Integration," American Economic Review, American Economic Association, vol. 96(2), pages 432-436, May.
- repec:cup:cbooks:9780521711500 is not listed on IDEAS
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