Is East Asia as prepared as eurozone for monetary union?
Based on optimum currency areas (OCA) theory and recent developments in the exchange rate regime literature, this paper evaluates the level of preparedness of East Asia for monetary integration by using the EMU as benchmark. Ten macroeconomic dimensions are explored in which the first five facets ar...
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| Format: | Article |
| Language: | English |
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Vilnius Gediminas Technical University
2012-05-01
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| Series: | Journal of Business Economics and Management |
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| Online Access: | https://journals.vgtu.lt/index.php/JBEM/article/view/4396 |
| _version_ | 1818383909512019968 |
|---|---|
| author | Chee-Heong Quah |
| author_facet | Chee-Heong Quah |
| author_sort | Chee-Heong Quah |
| collection | DOAJ |
| description | Based on optimum currency areas (OCA) theory and recent developments in the exchange rate regime literature, this paper evaluates the level of preparedness of East Asia for monetary integration by using the EMU as benchmark. Ten macroeconomic dimensions are explored in which the first five facets are measured relative to a reference country, namely the US, Japan, or China whilst the remaining five facets are measured in absolute terms, over the most recent years. In some ways, the exercise does signify the relative economic dominance of the three largest economies to the region. Results suggest that East Asia might be fairly prepared for a monetary integration especially when the reference country is the US. Another interesting observation is that amongst the eurozone founding members, Ireland has shown the lowest degree of conformity in a number of the criteria. |
| first_indexed | 2024-12-14T03:13:51Z |
| format | Article |
| id | doaj.art-3bd3c4c976b24959890a905da51304d4 |
| institution | Directory Open Access Journal |
| issn | 1611-1699 2029-4433 |
| language | English |
| last_indexed | 2024-12-14T03:13:51Z |
| publishDate | 2012-05-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Journal of Business Economics and Management |
| spelling | doaj.art-3bd3c4c976b24959890a905da51304d42022-12-21T23:19:11ZengVilnius Gediminas Technical UniversityJournal of Business Economics and Management1611-16992029-44332012-05-0113310.3846/16111699.2011.620136Is East Asia as prepared as eurozone for monetary union?Chee-Heong Quah0Faculty of Business and Accountancy, University of Malaya, Kuala Lumpur 50603, MalaysiaBased on optimum currency areas (OCA) theory and recent developments in the exchange rate regime literature, this paper evaluates the level of preparedness of East Asia for monetary integration by using the EMU as benchmark. Ten macroeconomic dimensions are explored in which the first five facets are measured relative to a reference country, namely the US, Japan, or China whilst the remaining five facets are measured in absolute terms, over the most recent years. In some ways, the exercise does signify the relative economic dominance of the three largest economies to the region. Results suggest that East Asia might be fairly prepared for a monetary integration especially when the reference country is the US. Another interesting observation is that amongst the eurozone founding members, Ireland has shown the lowest degree of conformity in a number of the criteria.https://journals.vgtu.lt/index.php/JBEM/article/view/4396AsiaUSJapanChinaEuropemonetary union |
| spellingShingle | Chee-Heong Quah Is East Asia as prepared as eurozone for monetary union? Journal of Business Economics and Management Asia US Japan China Europe monetary union |
| title | Is East Asia as prepared as eurozone for monetary union? |
| title_full | Is East Asia as prepared as eurozone for monetary union? |
| title_fullStr | Is East Asia as prepared as eurozone for monetary union? |
| title_full_unstemmed | Is East Asia as prepared as eurozone for monetary union? |
| title_short | Is East Asia as prepared as eurozone for monetary union? |
| title_sort | is east asia as prepared as eurozone for monetary union |
| topic | Asia US Japan China Europe monetary union |
| url | https://journals.vgtu.lt/index.php/JBEM/article/view/4396 |
| work_keys_str_mv | AT cheeheongquah iseastasiaaspreparedaseurozoneformonetaryunion |