This paper analyses the smoothing of asymmetric shocks to output for a sample of OECD countries. It also examines whether the private capital markets will be able to replace the government in providing output smoothing in the euro-area, in the near future. The research finds no evidence of large...

This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly,...

ASEAN Economic Community (AEC) is the vision of 10 nations in South East Asia to form a single common market and production based that will foster growth in the region. One of the pillars of AEC is financial integration which goaled to allow a seemingly interconnected capital market in South...