This paper evaluates the arguments for regional monetary cooperation in East Asia. Unlike in Europe, which saw longstanding discussions on the costs and benefits of monetary unification, a proper debate is not yet underway in East Asia. Instead, the quot;classicalquot; European arguments for and...

The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...

This paper assesses the suitability and constraints of having a unified currency in Association of Southeast Asian Nations (ASEAN) according to the optimum currency area theory and by analyzing the result of symmetry shocks of macroeconomic variables. The paper concludes that although there are...

This paper presents some thoughts on what we can learn from investigating European and East Asian monetary policies and monetary cooperation in historical comparative perspective. This fresh approach to the ongoing global and regional crises highlights the necessity to view problems of national...

The increasing occurrence of national, regional, and global financial crises, together with their rising costs and complexity, have increased calls for greater regional and global monetary cooperation. This is particularly necessary in light of volatile capital flow movements that can quickly...

The Chiang Mai Initiative Multilateralisation (CMIM) and the ASEAN+3 Macroeconomic Research Office (AMRO), established in March 2010 and May 2011, respectively, have made substantial headway. But despite the rapid progress, a series of fundamental questions have been raised, particularly about...

The Chiang Mai Initiative Multilateralisation (CMIM) and the ASEAN 3 Macroeconomic Research Office (AMRO), established in March 2010 and May 2011, respectively, have made substantial headway. But despite the rapid progress, a series of fundamental questions have been raised, particularly about...

The paper examines if the seven South Asian countries satisfy the criteria to form an optimal currency area. The empirical part of the paper reveals some positive attributes (such as the existence of positive shocks for major economies like India, Pakistan and Sri Lanka). The paper provides...

Employing the panel convergence method of Phillips and Sul (2007) to the nominal deviation indicators of two recent unofficial constructions of the Asian Currency Unit (ACU) index, this paper examines the existence and extent of convergence in the movements of East Asian currencies against the...

This paper addresses two central questions for Asia and the world: (1) What is the purpose of Asian regional policy coordination going forward? (2) Will Asian regional policy coordination substitute or complement global policy coordination? The paper examines the potential coverage and content...