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Monetary integration in ASEAN+3: A perception survey of opinion leaders

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  • Rana, Pradumna Bickram
  • Chia, Wai-Mun
  • Jinjarak, Yothin

Abstract

Recently, the ASEAN+3 countries have taken a number of measures to bolster monetary integration. These include the establishment of the ASEAN+3 Economic Review and Policy Dialogue and the Chiang Mai Initiative Multilateralization (CMIM). More recently, the ASEAN+3 Macroeconomic Research Office (AMRO) was also established as an independent surveillance unit. Also, business cycles in the region are starting to become more synchronized. Policymakers have, however, not heeded to calls for introducing a regional monetary unit (RMU) to strengthen regional surveillance and to promote greater exchange rate coordination. Why and what are the practical issues and constraints in introducing the RMU? What actions could be taken in the short and the longer term to promote exchange rate coordination? This paper assesses the views of ASEAN+3 opinion leaders through a perception survey. The opinion leaders feel that RMU, CMIM, and AMRO could go a long way in deepening monetary integration in the region.

Suggested Citation

  • Rana, Pradumna Bickram & Chia, Wai-Mun & Jinjarak, Yothin, 2012. "Monetary integration in ASEAN+3: A perception survey of opinion leaders," Journal of Asian Economics, Elsevier, vol. 23(1), pages 1-12.
    • Handle: RePEc:eee:asieco:v:23:y:2012:i:1:p:1-12
    DOI: 10.1016/j.asieco.2011.11.001
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    References listed on IDEAS

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    1. Barry Eichengreen, 2006. "The Parallel-Currency Approach to Asian Monetary Integration," American Economic Review, American Economic Association, vol. 96(2), pages 432-436, May.
    2. Masahiro Kawai, 2010. "Reform Of The International Financial Architecture: An Asian Perspective," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 55(01), pages 207-242.
    3. John Malcolm Dowling & Pradumna Bickram Rana, 2010. "Asia and the Global Economic Crisis," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-30702-5, December.
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    Cited by:

    1. Abhijit Sen Gupta, 2015. "Extent Of Exchange Rate Coordination In Asia," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 60(02), pages 1-25.
    2. Mikko Huotari & Sandra Heep, 2016. "Learning geoeconomics: China’s experimental financial and monetary initiatives," Asia Europe Journal, Springer, vol. 14(2), pages 153-171, June.
    3. Pontines, Victor, 2015. "How useful is an Asian Currency Unit (ACU) index for surveillance in East Asia?," Economic Systems, Elsevier, vol. 39(2), pages 269-287.
    4. Rana, Pradumna B., 2013. "From a Centralized to a Decentralized Global Economic Architecture: An Overview," ADBI Working Papers 401, Asian Development Bank Institute.
    5. Pradumna B. Rana, 2014. "From a centralized to a decentralized global economic architecture: an overview," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 2, pages 11-26, Edward Elgar Publishing.
    6. Stephen, Matthew D., 2020. "China's new multilateral institutions: A framework and research agenda," Discussion Papers, Research Unit: Global Governance SP IV 2020-102, WZB Berlin Social Science Center.
    7. Luca Alfieri, 2021. "Heterogeneity of financial institutions in the process of economic and monetary integration in East Asia," The World Economy, Wiley Blackwell, vol. 44(4), pages 1053-1076, April.

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    More about this item

    Keywords

    RMU; CMIM; AMRO; Monetary integration; Business cycles;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration

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