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The Idea and Reality of the Asian Currency Unit (ACU)

In: Emerging Asia

Author

Listed:
  • Ramkishen S. Rajan

    (School of Public Policy, George Mason University, USA and Visiting Senior Fellow, Institute of Southeast Asian Studies (ISEAS))

Abstract

There has been much talk about whether Asia is decoupling from the US. Will Asia be able to withstand a sharp downturn in the US economy? As of now the answer must surely be “no”. The region is heavily dependent on the US and the European Union (EU) as the final destinations for its exports. There are also many other intricate monetary and financial linkages between the US and Asia, including the heavy dependence of the region on US dollar-denominated assets. However, as Asia continues on its path of intensified economic monetary and financial regionalism (MFR), it is conceivable that the region can become more independent from the US. It is in this context that one needs to understand recent events in Asian MFR.

Suggested Citation

  • Ramkishen S. Rajan, 2011. "The Idea and Reality of the Asian Currency Unit (ACU)," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Emerging Asia, chapter 14, pages 80-84, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-30627-1_14
    DOI: 10.1057/9780230306271_14
    as

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