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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. repec:cup:cbooks:9780521434553 is not listed on IDEAS
  2. Andrew K. Rose, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," NBER Working Papers 7432, National Bureau of Economic Research, Inc.
  3. Jeffrey A. Frankel, David Romer and Teresa Cyrus., 1995. "Trade and Growth in East Asian Countries: Cause and Effect?," Center for International and Development Economics Research (CIDER) Working Papers C95-050, University of California at Berkeley.
  4. 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.
  5. Sweta C. Saxena, 2005. "Can South Asia Adopt a Common Currency?," International Finance 0508001, EconWPA.
  6. 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.
  7. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," NBER Working Papers 2737, National Bureau of Economic Research, Inc.
  8. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  9. Catherine A. Pattillo & Paul R. Masson, 2001. "Monetary Union in West Africa (ECOWAS)," IMF Occasional Papers 204, International Monetary Fund.
  10. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
  11. Tamim Bayoumi, 1991. "The Effect of the ERMon Participating Economies," IMF Working Papers 91/86, International Monetary Fund.
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