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Coopération monétaire en Asie de l'Est : l'apport des tests de causalité et de la cointégration

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  • Kiichiro Fukasaku
  • David Martineau

Abstract

[fre] Coopération monétaire en Asie de l'Est : l'apport des tests de causalité et de la cointégration . par Kiichiro Fukasaku et David Martineau . Dans cet article, nous examinons les politiques monétaires des économies de l'Asie de l'Est à la suite de la libéralisation des marchés monétaires sur la période 1980-95. Nous discutons des conditions d'une coopération monétaire dans cet espace monétaire nouvellement "libéralisé". À l'aide de tests de causalité et d'estimations des fonctions de demandes de monnaie par la méthode de la cointégration, nous démontrons que les marchés monétaires de la région ont aujourd'hui atteints un fort niveau d'intégration. Enfin, nous montrons que la politique monétaire de Singapour est un élément clef de l'explication du niveau des taux d'intérêt et de la demande de monnaie des pays voisins sur cette période. [eng] Monetary Co-Operation in East Asia: Causality and Cointégration Tests by Kiichiro Fukasaku and David Martineau . This paper studies the East Asian economies' monetary policies following the liberalisation of the monetary markets over the 1980-1995 period. We discuss conditions for monetary co-operation in this newly «free» monetary market. Causality tests and estimates of currency demand functions using the cointégration method show that the region's monetary markets have now attained a high level of integration. Lastly, we show that Singapore's monetary policy is a key to explaining the level of interest rates and the currency demand of neighbouring countries over this period.

Suggested Citation

  • Kiichiro Fukasaku & David Martineau, 1999. "Coopération monétaire en Asie de l'Est : l'apport des tests de causalité et de la cointégration," Économie et Prévision, Programme National Persée, vol. 140(4), pages 105-116.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_1999_num_140_4_5978
    DOI: 10.3406/ecop.1999.5978
    Note: DOI:10.3406/ecop.1999.5978
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    1. Guillaumin, Cyriac, 2009. "Financial integration in East Asia: Evidence from panel unit root and panel cointegration tests," Journal of Asian Economics, Elsevier, vol. 20(3), pages 314-326, May.

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