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Is International Monetary Policy Coordination Feasible For The Asean-5 + 3 Countries?

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  • Eric Alexander Sugandi

    (Asian Development Bank Institute)

Abstract

We examine the feasibility of international monetary policy coordination among the ASEAN-5 + 3 countries using the two-production-factor Dynamic Stochastic General Equilibrium (DGSE) models. It explores three types of interaction regimes among these countries: (1) No Coordination; (2) Bilateral Coordination; and (3) Multilateral Coordination. We find 18 feasible Bilateral Coordination schemes and four feasible Multilateral Coordination schemes for the ASEAN-5 + 3 countries. The best among these schemes is the Multilateral Coordination scheme that involves all the -5 + 3 countries. Therefore, we suggest that the ASEAN-5 + 3 countries should adopt this scheme if coordinating monetary policies

Suggested Citation

  • Eric Alexander Sugandi, 2022. "Is International Monetary Policy Coordination Feasible For The Asean-5 + 3 Countries?," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 25(4), pages 531-574, January.
    • Handle: RePEc:idn:journl:v:25:y:2022:i:4b:p:531-574
    DOI: https://doi.org/10.21098/bemp.v25i4.1444
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    Keywords

    International monetary policy coordination; Open economy macroeconomics;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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