An optimum currency area in East Asia: feasibility, coordination, and leadership role

Kwack, Sung Y.

doi:10.1016/j.asieco.2003.12.006

Cited by 35 publications

(19 citation statements)

References 27 publications

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“…Finally, the CMI/CMIM is consistently supported by the two major powers in the region, China and Japan, whose rivalry and disagreements often are allegedly the fundamental causes of East Asian regionalism's underinstitutionalization (Rozman 2004;Kwack 2004). Despite frequent bilateral tensions over territorial issues and other subjects, the two governments have demonstrated consistent support and high level of collaboration on the issue of regional financial governance.…”

Section: Financial Regionalism In East Asiamentioning

confidence: 95%

The Financial Statecraft of Emerging Powers

Armijo¹,

Katada²

2014

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The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and 'the rest', especially the BRICS, rise.

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Section: Financial Regionalism In East Asiamentioning

confidence: 95%

The Financial Statecraft of Emerging Powers

Armijo¹,

Katada²

2014

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“…The CMI swap agreement, which is currently only bilateral in nature, could be further equipped with multilateralism and pertinent institutions, as pointed out by Wyplosz (2001). In addition, political wisdom of the big players in the region-China, Japan, and Korea, in particular-is called for to improve their mutual understanding and trust (Kwack 2004;Xu 2004). It is also equally important to start with a practical goal and concrete policy cooperation rather than with hollow slogans and rhetoric.…”

Section: Discussionmentioning

confidence: 99%

Is East Asia Fit for an Optimum Currency Area? An Assessment of the Economic Feasibility of a Higher Degree of Monetary Cooperation in East Asia

Ahn

Kim

Chang

2006

The Developing Economies

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This paper attempts to make a contribution to the recent search for a suitable assessment of the economic feasibility of a higher degree of monetary cooperation in East Asia. By using a structural vector autoregression approach as well as a generalized purchasing power parity approach, we find that a larger group of appropriately selected East Asian economies does satisfy the macroeconomic conditions for forming an Optimum Currency Area (OCA). The East Asian group consists of four ASEAN countries (Indonesia, Malaysia, Singapore, and Thailand) and four Northeast Asian economies (Hong Kong SAR, Japan, Republic of Korea, and Taiwan). This finding presents a striking contrast to the existing research results whose policy recommendation has generally been that countries in East Asia should start with a smaller subgroup currency area. It is time that many East Asian economies as a region made a serious effort to pursue a higher degree of monetary cooperation among themselves for forming an OCA.

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“…A currency union is believed to bring some benefits to the whole region as well as the individual country including reduced transaction costs, reduced economic uncertainty, enhanced policy discipline and credibility and improved functioning of the monetary mechanism (Fenton and Murray 1993). Within the existing studies of Asia, most investigate the suitability of a currency union so as to explore whether Asian countries should form a currency union (Kwack 2004;Zhang, Sato, and McAleer 2004;Zhang and Lan 2005;Kurihara 2006). However, few explore the membership of the currency union.…”

Section: Introductionmentioning

confidence: 97%

Asian currency union? An investigation into China's membership with other Asian countries

Song

Wang

2009

Journal of Chinese Economic and Business Studies

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This paper applies Optimum Currency Area (OCA) theory to investigate the suitability of Asian currency union and its membership, in which China is taken as the central country. Cluster analysis is applied for this study. Both hierarchical clustering and fuzzy clustering approaches are used. The study finds that Japan, Korea, Hong Kong, Malaysia, Philippines, Singapore, Thailand, Cambodia and Vietnam are most converged with China, and these countries are more likely to be the member countries of the Asian Currency Union.Asian currency union, China, OCA theory, cluster analysis,

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An optimum currency area in East Asia: feasibility, coordination, and leadership role

Cited by 35 publications

References 27 publications

The Financial Statecraft of Emerging Powers

The Financial Statecraft of Emerging Powers

Is East Asia Fit for an Optimum Currency Area? An Assessment of the Economic Feasibility of a Higher Degree of Monetary Cooperation in East Asia

Asian currency union? An investigation into China's membership with other Asian countries

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