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Regional Economic Integration in the Pacific: An Empirical Study

Author

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  • T. K. Jayaraman
  • Huay-Huay Lee
  • Hock-Ann Lee

Abstract

The Pacific Islands Forum, the regional organization comprising 14 Pacific Island countries (PICs), Australia and New Zealand is committed to strengthen regional cooperation and integration. This paper examines progress in real and financial integration in the region. Utilizing the methodology based on international parity conditions: purchasing power parity and uncovered interest parity, the study concludes that while PICs' integration amongst themselves and with Australia and New Zealand, is relatively advanced with respect to goods and services, the financial market integration remains incomplete. The policy implication is impact of further liberalization is likely to be substantial on financial markets.

Suggested Citation

  • T. K. Jayaraman & Huay-Huay Lee & Hock-Ann Lee, 2006. "Regional Economic Integration in the Pacific: An Empirical Study," Global Economic Review, Taylor & Francis Journals, vol. 35(2), pages 177-192.
    • Handle: RePEc:taf:glecrv:v:35:y:2006:i:2:p:177-192
    DOI: 10.1080/12265080600715350
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    References listed on IDEAS

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    1. Tiru K. Jayaraman & Bert D. Ward, 2006. "A Single Currency for Pacific Island Countries: An SVAR Analysis," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 59(1), pages 83-111.
    2. Cheung, Yin-Wong & Chinn, Menzie D. & Fujii, Eiji, 2003. "China, Hong Kong, and Taiwan: A quantitative assessment of real and financial integration," China Economic Review, Elsevier, vol. 14(3), pages 281-303.
    3. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, vol. 55(2), pages 277-301, March.
    4. Dr James Laurenceson, 2003. "Economic Integration Between China And ASEAN," Discussion Papers Series 329, School of Economics, University of Queensland, Australia.
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