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Patterns of Shocks and Regional Monetary Cooperation in South Asia

  • Nephil Matangi Maskay

The member states of the South Asian Association for Regional Cooperation have set as a target the achievement of an economic union by 2020. Reaching this goal will require greater levels of monetary cooperation. How should this be achieved? Data from South Asia suggest that member states have minor trade linkages and face asymmetrical patterns of shocks. This paper concludes that, absent a clear road map for monetary cooperation, the present process must be structured so as to be harmonized with the level of regional economic integration.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/240.

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Length: 28
Date of creation: 01 Dec 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/240
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  1. World Bank, 2002. "World Development Indicators 2002," World Bank Publications, The World Bank, number 13921, March.
  2. Karras, Georgios & Stokes, Houston H., 2001. "Time-varying criteria for monetary integration: evidence from the EMU," International Review of Economics & Finance, Elsevier, vol. 10(2), pages 171-185.
  3. Tamim Bayoumi & Jonathan David Ostry, 1995. "Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa; Implications for Optimum Currency Arrangements," IMF Working Papers 95/142, International Monetary Fund.
  4. Frankel, Jeffrey A & Rose, Andrew K, 1998. "The Endogeneity of the Optimum Currency Area Criteria," Economic Journal, Royal Economic Society, vol. 108(449), pages 1009-25, July.
  5. Md. Akhtar Hossain, 2002. "Exchange Rate Responses to Inflation in Bangladesh," IMF Working Papers 02/166, International Monetary Fund.
  6. Tamim Bayoumi & Paolo Mauro, 2001. "The Suitability of ASEAN for a Regional Currency Arrangement," The World Economy, Wiley Blackwell, vol. 24(7), pages 933-954, 07.
  7. George Tavlas, 1994. "The theory of monetary integration," Open Economies Review, Springer, vol. 5(2), pages 211-230, March.
  8. Catherine A. Pattillo & Paul R. Masson, 2001. "Monetary Union in West Africa (ECOWAS)," IMF Occasional Papers 204, International Monetary Fund.
  9. Bayoumi, T. & Eichengreen, B., 1994. "One Money or Many? Analysing the Prospects for Monetary Unification in Various Parts of the World," Princeton Studies in International Economics 76, International Economics Section, Departement of Economics Princeton University,.
  10. Bayoumi, Tamim & Eichengreen, Barry & Mauro, Paolo, 2000. "On Regional Monetary Arrangements For ASEAN," CEPR Discussion Papers 2411, C.E.P.R. Discussion Papers.
  11. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa68, 03.
  12. Khan, Saleem M. & Khan, Zahira S., 2003. "Asian economic integration: a perspective on South Asia," Journal of Asian Economics, Elsevier, vol. 13(6), pages 767-785, January.
  13. Matangi Maskay, Nephil, 1998. "A Comment on Empirical Estimation of Patterns of Shocks Utilizing the VAR Methodology on Developing Countries," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 13, pages 544-548.
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