PROSPECTS FOR MONETARY INTEGRATION IN ASEAN
In the past two decades, a new resolve for both increased economic integrationand monetary and exchange rate cooperation has started to emerge in ASEAN, mostnotably since the 1997-1998 Asian financial crisis. This thesis addresses the question ofwhether there are sufficient economic reasons to justify such a move.The first chapter presents an historical overview of the integration process inASEAN to date and the main motivations for the study. The following two chapterspresent a review of the main theory (Chapter II) and empirical works (Chapter III) onoptimum currency areas and present the basis for the remainder of the study.The fourth chapter investigates whether structural shocks among ASEANcountries are becoming more symmetrical over time, thus verifying whether this regionis becoming better prepared to introduce a common currency.The fifth chapter studies the degree of relative price adjustment in ASEAN byproviding a study on the degree of exchange rate pass-through into domestic prices,using the distribution chain of pricing. This study includes, for the first time, all fivefounding members of ASEAN (ASEAN5) and draws inferences on their suitability forfurther monetary cooperation.The sixth chapter researches whether the recorded increase in intra-ASEAN tradeis moving ASEAN members towards closer economic integration by applying a new paneldata methodology.The final chapter presents the main conclusions.
Year of publication: |
2007-06-18
|
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Authors: | Ferreira Cortinhas, Carlos José |
Other Persons: | Maloney, John (contributor) ; Hashimzade, Nigar (contributor) |
Publisher: |
University of Exeter / School of Business and Economics |
Saved in:
freely available
Saved in favorites
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