ASEAN countries have deliberated on the feasibility of a monetary union that seeks to set a common currency in the region. This is in accordance with the second declaration of the Bali Concord reaffirming the intention toward economic cooperation and integration. This study investigates the...

We present a simple model of sovereign debt crises in which a country chooses its optimal mix of short and long-term debt contracts subject to standard contracting frictions: the country cannot commit to repay its debts nor to a specific path of future debt issues, and contracts cannot be made...

This paper examines whether European monetary union has lowered the degree of price dispersion among member countries. A number of different estimation methods are applied to four independent datasets containing prices of identical goods. While the results reported in the paper vary somewhat...

This article builds upon a highly stylised but widespread definition of the ‘Southern’ and ‘Northern’ views on debt mutualisation. It explains both positions in the ongoing Eurozone crisis and what both sides hope to achieve in reshaping the governance of the euro. Both...

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our approach uses a compositional multinomial logit model, in which currency choice depends on the characteristics of both the currency and the country. We use unique quarterly panel...

This Paper begins with a discussion of the relation between economics and politics in the construction of EMU. It briefly considers how the structural characteristics of the European economies relate to the Single Market programme, and how this initiative of the late 1980s both built the...

The paper discusses the institutional arrangements of a multilateral payments union for the Commonwealth of Independent States. It starts with an analysis of the risks of a non-cooperative solution, which would lead to serious liquidity and solvency problems and thus curtail inter-republican...

The paper discusses alternative options for a future monetary order in the area of the Soviet Union. Its main focus is on two questions: Under what conditions would a common rouble currency area be compatible with fiscal discipline and effective financial control over the large numbers of...

A maastrichti szerződésben megjelölt végső határidőre, azaz 1999. január 1-jére sikerült elindítani a gazdasági és monetáris uniót, az EMU-t. A megvalósulás véget vetett a monetáris unió indokoltságáról vagy indokolatlanságáról csaknem egy évtizede folyó vitának....

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...