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A Study of Optimum Currency Area in East Asia: a Cluster Analysis

Author

Listed:
  • Ibrahim, Saifuzzaman

    (University of York)

Abstract

This paper studies the feasibility of ASEAN+3 Monetary Union by investigating the homogeneities of the countries. Utilizing techniques of cluster analysis on two sets of criteria, the Optimum Currency Area (OCA) and the adjusted Maastricht Treaty (MTC), reveals that homogeneities of ASEAN+3 are low and the immediate formation of a monetary union would entail serious potential costs. Furthermore, our findings suggest that grouping differ between pre-crisis and post-crisis periods which could be due to the different impact of the crisis on the economic structure of these countries.

Suggested Citation

  • Ibrahim, Saifuzzaman, 2008. "A Study of Optimum Currency Area in East Asia: a Cluster Analysis," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 23, pages 765-790.
    • Handle: RePEc:ris:integr:0453
    as

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    Citations

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    Cited by:

    1. Chee‐Heong Quah & Patrick M. Crowley, 2010. "Monetary Integration in East Asia: A Hierarchical Clustering Approach," International Finance, Wiley Blackwell, vol. 13(2), pages 283-309, August.

    More about this item

    Keywords

    optimum currency area; cluster analysis; East Asia;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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