In recent years, Asian policymakers have considered the possibility of promoting closer financial integration and, possibly, monetary union. This paper considers the economics of the decision to form a currency union in East Asia using the European experience as a benchmark. We also compare the...

With the spread of regional and bilateral trade arrangements, there is always concern about the discriminatory impact on non-members. For example, the establishment of NAFTA deprived the Caribbean Basin of its preferential status vis-a-vis Mexico in the US market. Or alternatively, the...