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Are Optimal Currency Areas Optimal for All? A Reassessment of the Case for Asian Monetary Union

  • Sweta C. Saxena

    (University of Pittsburgh)

This paper is a pioneering attempt to include India with east and Southeast Asia to study the existence of the economic criteria for a common currency. The analysis in this paper shows that significant complementarities in trade exist among these countries, most of them experience similar shocks and labor mobility is already present. These results point to the fact that the cost of adopting a single currency may be minimal, while huge benefits could accrue from enhanced trade. The paper also recognizes the importance of yen for the success of the monetary union in Asia.

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File URL: http://econwpa.repec.org/eps/if/papers/0508/0508003.pdf
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Paper provided by EconWPA in its series International Finance with number 0508003.

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Length: 38 pages
Date of creation: 09 Aug 2005
Date of revision:
Handle: RePEc:wpa:wuwpif:0508003
Note: Type of Document - pdf; pages: 38
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-73, September.
  2. Catherine A. Pattillo & Paul R. Masson, 2001. "Monetary Union in West Africa (ECOWAS)," IMF Occasional Papers 204, International Monetary Fund.
  3. R J R Elliott & K Ikemoto, 2003. "AFTA and the Asian Crisis: Help or Hindrance to ASEAN Intra-Regional Trade?," The School of Economics Discussion Paper Series 0311, Economics, The University of Manchester.
  4. Jeffrey A. Frankel & Andrew K. Rose, 1996. "The Endogeneity of the Optimum Currency Area Criteria," NBER Working Papers 5700, National Bureau of Economic Research, Inc.
  5. Tamim Bayoumi, 1992. "The Effect of the ERM on Participating Economies," IMF Staff Papers, Palgrave Macmillan, vol. 39(2), pages 330-356, June.
  6. Rose, Andrew, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," Seminar Papers 678, Stockholm University, Institute for International Economic Studies.
  7. Jeffrey A. Frankel & David Romer & Teresa Cyrus, 1995. "Trade and growth in East Asian countries: cause and effect?," Pacific Basin Working Paper Series 95-03, Federal Reserve Bank of San Francisco.
  8. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
  9. repec:cup:cbooks:9780521434553 is not listed on IDEAS
  10. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  11. Sweta C. Saxena, 2005. "Can South Asia Adopt a Common Currency?," International Finance 0508001, EconWPA.
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