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Is Time Ripe for a Currency Union in Emerging East Asia?: The Role of Monetary Stabilization
Marcelo Schez 세종대학교 경제통합연구소 2006 Journal of Economic Integration Vol.21 No.4
This paper asseses the prospects for monetary integration between EmergingEast Asian (EA) economies. We develop a simple analytical framework forcurrency unions of small open economies. The empirical analysis looks at anumber of supply-side characteristics of EEA countries highlighted by the model,distinguishing betwen aggregate and tradable sector structural features.Moreover, we discuss the evidence on the cross-country correlation ofdisturbances hitting the region. Our study indicates that, at present, EEAeconomies exhibit a high degree of cross-country supply diversity, while there isno compelling evidence that shocks are highly correlated across the region.JEL classification: E52, E58, F33, F40