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Journal of Economic Integration 2006 December;21(4) :736-763.
DOI: https://doi.org/10.11130/jei.2006.21.4.736
Is Time Ripe for a Currency Union in Emerging East Asia?: The Role of Monetary Stabilization
Marcelo Sánchez 
European Central Bank
Copyright ©2006 Journal of Economic Integration
ABSTRACT

This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. We develop a simple analytical framework for currency unions of small open economies. The empirical analysis looks at a number of supply-side characteristics of EEA countries highlighted by the model, distinguishing between aggregate and tradable sector structural features. Moreover, we discuss the evidence on the cross-country correlation of disturbances hitting the region. Our study indicates that, at present, EEA economies exhibit a high degree of cross-country supply diversity, while there is no compelling evidence that shocks are highly correlated across the region.

JEL classification: E52, E58, F33, F40

Keywords: East Asia | Emerging economies | Currency union | Stabilization
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