The Suitability of ASEAN for a Regional Currency Arrangement

This paper examines the costs, benefits, preconditions, and implications of an Association of Southeast Asian Nations (ASEAN) regional currency arrangement that is assumed to culminate in a regional currency. On economic criteria, ASEAN appears less suited for a regional currency arrangement than Europe before the Maastricht Treaty, although the difference is not large. The transition to European Monetary Union (EMU) indicates that the path toward a common currency is fraught with difficulty. A firm political commitment would seem to be vital to ensuring that an attempt to form a regional currency arrangement is not viewed as simply another fixed exchange rate regime, open to speculative crises.
Publication date: December 1999
ISBN: 9781451857856
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Money and Monetary Policy , Money and Monetary Policy , International - Economics , International - Economics , ASEAN , EMU , exchange rates , exchange rate , regional trade , exchange rate variability , economic integration

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