scholarly journals The Case for Monetary Union in East Asia: From Theory to Empirics

2009 ◽  
Author(s):  
Chee-Heong Quah
Keyword(s):  
East Asia ◽  
Monetary Union

Is a monetary union feasible for East Asia?

2004 ◽  
Vol 36 (10) ◽  
pp. 1031-1043 ◽  
Author(s):  
Zhaoyong Zhang * ◽  
Kiyotaka Sato ◽  
Michael McAleer
Keyword(s):  
East Asia ◽  
Monetary Union

The prospects of a monetary union in East Asia

2012 ◽  
Vol 29 (2) ◽  
pp. 96-102 ◽  
Author(s):  
Grace H.Y. Lee ◽  
Sharon G.M. Koh
Keyword(s):  
East Asia ◽  
Monetary Union

scholarly journals IS EAST ASIA AS PREPARED AS EUROZONE FOR MONETARY UNION?

2012 ◽  
Vol 13 (3) ◽  
pp. 471-488 ◽  
Author(s):  
Chee-Heong Quah
Keyword(s):  
Exchange Rate ◽  
East Asia ◽  
Monetary Union ◽  
Exchange Rate Regime ◽  
Monetary Integration ◽  
Interesting Observation ◽  
The Us ◽  
Recent Developments ◽  
Optimum Currency ◽  
Reference Country

Based on optimum currency areas (OCA) theory and recent developments in the exchange rate regime literature, this paper evaluates the level of preparedness of East Asia for monetary integration by using the EMU as benchmark. Ten macroeconomic dimensions are explored in which the first five facets are measured relative to a reference country, namely the US, Japan, or China whilst the remaining five facets are measured in absolute terms, over the most recent years. In some ways, the exercise does signify the relative economic dominance of the three largest economies to the region. Results suggest that East Asia might be fairly prepared for a monetary integration especially when the reference country is the US. Another interesting observation is that amongst the eurozone founding members, Ireland has shown the lowest degree of conformity in a number of the criteria.

Real Output Co-movements in East Asia: Any Evidence for a Monetary Union?

World Economy ◽  
2006 ◽  
Vol 29 (12) ◽  
pp. 1671-1689 ◽  
Author(s):  
Kiyotaka Sato ◽  
Zhaoyong Zhang
Keyword(s):  
East Asia ◽  
Monetary Union ◽  
Real Output

MONETARY COOPERATION IN EAST ASIA: A WAY FORWARD

2001 ◽  
Vol 46 (02) ◽  
pp. 211-246 ◽  
Author(s):  
KEE JIN NGIAM ◽  
HAZEL YUEN
Keyword(s):  
East Asia ◽  
Monetary Union ◽  
East Asian ◽  
Practical Approach ◽  
Monetary Integration ◽  
Monetary Unions ◽  
Theoretical Justification ◽  
Monetary Cooperation ◽  
Political Background ◽  
East Asian Economies

This paper provides a theoretical justification for regional credit facilities such as currency swap arrangements in East Asia to ward off currency attacks and deter would be speculators. It also presents a case for monetary integration in East Asia. However, in view of the diverse economic, social and political background among the East Asian economies, a practical approach is to start off with a few small monetary unions rather than a large monetary union in the region. Lessons are drawn from a highly successful, but little known, monetary union between Brunei and Singapore.

The suitability of a monetary union in East Asia: What does the cointegration approach tell?

2009 ◽  
Vol 79 (9) ◽  
pp. 2927-2937 ◽  
Author(s):  
Kiyotaka Sato ◽  
Zhaoyong Zhang ◽  
David Allen
Keyword(s):  
East Asia ◽  
Monetary Union

Overcoming Chinese Monetary Division and External Anchoring in East Asia

2004 ◽  
Vol 3 (1) ◽  
pp. 27-54 ◽  
Author(s):  
George M. von Furstenberg ◽  
Jianjun Wei
Keyword(s):  
East Asia ◽  
Monetary Union ◽  
Financial Integration ◽  
Mainland China ◽  
Capital Controls ◽  
International Currency ◽  
Monetary Unification ◽  
Degree Of Separation ◽  
Dollar Standard ◽  
High Degree

There are few recent historical precedents for maintaining the high degree of separation that still prevails between the internal monetary arrangements of Hong Kong and mainland China. This paper explains why this separation is likely to erode and considers the economics of the different forms that monetary unification of China could take. It argues that achieving such unification without resorting to capital controls or expropriation is a precondition for developing a second major international currency in East Asia that would rival the yen. Until the renminbi has been established as an international currency within a unified and sound financial system that has achieved Hong Kong's current standards, there can be no progress toward a regional monetary union in East Asia. An internal goal of Chinese monetary union is banking reform and financial integration, and an external goal is to help emancipate both China and East Asia as a whole safely from the U.S. dollar standard.

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