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A Study of Optimum Currency Area in East Asia: a Cluster Analysis


  • Ibrahim, Saifuzzaman

    () (University of York)


This paper studies the feasibility of ASEAN+3 Monetary Union by investigating the homogeneities of the countries. Utilizing techniques of cluster analysis on two sets of criteria, the Optimum Currency Area (OCA) and the adjusted Maastricht Treaty (MTC), reveals that homogeneities of ASEAN+3 are low and the immediate formation of a monetary union would entail serious potential costs. Furthermore, our findings suggest that grouping differ between pre-crisis and post-crisis periods which could be due to the different impact of the crisis on the economic structure of these countries.

Suggested Citation

  • Ibrahim, Saifuzzaman, 2008. "A Study of Optimum Currency Area in East Asia: a Cluster Analysis," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 23, pages 765-790.
  • Handle: RePEc:ris:integr:0453

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    References listed on IDEAS

    1. James J. Heckman & Carmen Pagés, 2004. "Law and Employment: Lessons from Latin America and the Caribbean," NBER Books, National Bureau of Economic Research, Inc, number heck04-1, January.
    2. Juan C. Botero & Simeon Djankov & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2004. "The Regulation of Labor," The Quarterly Journal of Economics, Oxford University Press, vol. 119(4), pages 1339-1382.
    3. Alvaro Forteza & Martín Rama, 2000. "Labor Market "Rigidity" and the Success of Economic Reforms Across more than One Hundred Countries," Documentos de Trabajo (working papers) 0600, Department of Economics - dECON.
    4. Collier, Paul & Dollar, David, 2002. "Aid allocation and poverty reduction," European Economic Review, Elsevier, vol. 46(8), pages 1475-1500, September.
    5. Matshe, Innocent & Young, Trevor, 2004. "Off-farm labour allocation decisions in small-scale rural households in Zimbabwe," Agricultural Economics, Blackwell, vol. 30(3), pages 175-186, May.
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    More about this item


    optimum currency area; cluster analysis; East Asia;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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