English, Article, Journal or magazine article edition: Is a common currency area feasible for East Asia? A multivariate structural VAR approach Hsiufen Hsu

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Bookmark: http://trove.nla.gov.au/version/91570
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Is a common currency area feasible for East Asia? A multivariate structural VAR approach
Author
  • Hsiufen Hsu
Physical Description
  • preprint
Notes
  • In this paper the feasibility of forming a common currency area in East Asia is investigated. A three-variable SVAR model is employed to identify three types of shocks, i.e. global, regional, and domestic shocks. The empirical results do not provide strong support for forming a common currency area in this region because the symmetric "prevalent shock" cannot be defined. However, it is found that since the late 1990s the importance of asymmetric domestic shocks has declined while that of symmetric global and regional shocks has increased. Furthermore, East Asia is as symmetric as the Euro Area in terms of the correlation of global and regional shocks. The findings suggest that most East Asian economies have become symmetric in terms of economic shocks, and imply that a common currency area may become viable through deepening regional integration.
  • Common currency area, Monetary integration, OCA, SVAR, East Asia
  • RePEc:osp:wpaper:09e006
Language
  • English
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