Analysis of single currency implementation in ASEAN+3
Mohammad Ahlis Djirimu, Haerul Anam, Frilly Andrelia Utami, Andi Darmawati Tombolotutu
This research aims to analyze the feasibility of implementing single currency policy in ASEAN+3 countries such as Indonesia, Singapore, Malaysia, Thailand, Philippines, Myanmar, Laos, Cambodia, Brunei Darussalam, Vietnam, China, South Korea, and Japan based on annual data from 1993 to 2017. In this research, the panel data is analyzed using Pooled Least Square regression model and Moving Average forecasting method to predict optimum currency area indices of ASEAN+3 in the period of 2018 to 2022. The results showed that (1) ASEAN+3 region is not ready to implement single currency policy because of an increasing trend of asymmetric shock, lack of business cycle synchronization, and differences in production structure, trade relations, and economy size among ASEAN+3 countries. (2) There are four converged country pairs, which mean higher feasibility of forming optimum currency area for the four country pairs; Brunei Darussalam and Singapore have the most symmetrical foreign exchange volatility among the other country pairs
Year of publication: |
2022
|
---|---|
Authors: | Djirimu, Mohammad Ahlis ; Anam, Haerul ; Utami, Frilly Andrelia ; Tombolotutu, Andi Darmawati |
Published in: |
Iranian economic review : journal of University of Tehran. - Teheran : [Verlag nicht ermittelbar], ISSN 2588-6096, ZDB-ID 2627358-5. - Vol. 26.2022, 4, p. 739-749
|
Subject: | Single Currency | Optimum Currency Area | ASEAN+3 | Optimaler Währungsraum | Optimum currency area | Währungsunion | Monetary union | ASEAN-Staaten | ASEAN countries | EU-Staaten | EU countries | Eurozone | Euro area | Theorie | Theory |
Saved in:
freely available
Saved in favorites
Similar items by subject
-
Monetary integration and optimum currency area in ASEAN+3 : what we need for a new framework?
Mohseni, Reza, (2014)
-
Sin, Lew Yuen, (2018)
-
How to increase the value of bilateral trade? : currency union versus fixed exchange rate regime
Stoykova, Oleksandra Ivanievna, (2020)
- More ...