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Are the pacific island countries ready for a single currency?

Author

Listed:
  • Kraiwinee Bunyaratavej
  • T. K. Jayaraman

    (Wesley College, USA
    University of South Pacific, Fiji)

Abstract

The introduction of the euro in 1999 has led to many initiatives and inquiries in other regions regarding the merits and prospects of currency unions. One of the regions where a currency union has been of interest is the Pacific island countries along with Australia and New Zealand. This paper investigates the degree of economic convergence among these countries and maps out the movement of regional currencies with the core currency, the Australian dollar. Overall, we found the economies in this region show a trend toward divergence. While most currencies closely moved with the Australian dollar, the evidence suggests such a currency union may be premature at this time.

Suggested Citation

  • Kraiwinee Bunyaratavej & T. K. Jayaraman, 2007. "Are the pacific island countries ready for a single currency?," Journal of Developing Areas, Tennessee State University, College of Business, vol. 40(2), pages 141-154, January-M.
    • Handle: RePEc:jda:journl:vol.40:year:2007:issue2:pp:141-154
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    Cited by:

    1. Wörgötter, Andreas & Brixiova, Zuzana, 2020. "Monetary Unions of Small Currencies and a Dominating Member: What Policies Work Best for Benefiting from the CMA?," IZA Policy Papers 163, Institute of Labor Economics (IZA).

    More about this item

    Keywords

    Economic Convergence; Optimum Currency Area; Single Currency;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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