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The Suitability of ASEAN for a Regional Currency Arrangement

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  • Paolo Mauro
  • Tamim Bayoumi

Abstract

This paper examines the costs, benefits, preconditions, and implications of an Association of Southeast Asian Nations (ASEAN) regional currency arrangement that is assumed to culminate in a regional currency. On economic criteria, ASEAN appears less suited for a regional currency arrangement than Europe before the Maastricht Treaty, although the difference is not large. The transition to European Monetary Union (EMU) indicates that the path toward a common currency is fraught with difficulty. A firm political commitment would seem to be vital to ensuring that an attempt to form a regional currency arrangement is not viewed as simply another fixed exchange rate regime, open to speculative crises.

Suggested Citation

  • Paolo Mauro & Tamim Bayoumi, 1999. "The Suitability of ASEAN for a Regional Currency Arrangement," IMF Working Papers 99/162, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:99/162
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    Keywords

    European Economic and Monetary Union; ASEAN; EMU; exchange rates; exchange rate; regional trade; exchange rate variability; economic integration;

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