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Monetary Integration in East Asia: An Empirical Approach

Listed author(s):
  • de Brito, José Brandão


    (Banco de Portugal and Technical University of Lisbon)

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    This paper investigates empirically the economic feasibility of monetary integration in East Asia. A structural VAR model is employed to decompose real output, real exchange rate and price level into a lagged polynomial of supply, demand and monetary shocks. The shocks are identified through the imposition of long-run restrictions, which are extracted from a version of Clarida and Gali’s (1994) model extended in this paper to encompass the Balassa-Samuelson-effect. Once identified, the shocks are used to construct indicators relevant to monetary integration. Using the Euro-11 countries as benchmark, the overall results suggest that East Asian countries fulfil reasonably well the criteria looked at.

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    Article provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.

    Volume (Year): 19 (2004)
    Issue (Month): ()
    Pages: 536-567

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    Handle: RePEc:ris:integr:0298
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