The Suitability of ASEAN for a Regional Currency Arrangement

Tamim Bayoumi and Paolo Mauro

The World Economy, 2001, vol. 24, issue 7, 933-954

Abstract: This paper examines the costs, benefits, preconditions, and implications of an Association of Southeast Asian Nations (ASEAN) regional currency arrangement that is assumed to culminate in a regional currency. On economic criteria, ASEAN appears less suited for a regional currency arrangement than Europe before the Maastricht Treaty, although the difference is not large. The transition to European Monetary Union (EMU) indicates that the path toward a common currency is fraught with difficulty. A firm political commitment would seem to be vital to ensuring that an attempt to form a regional currency arrangement is not viewed as simply another fixed exchange rate regime, open to speculative crises.

Date: 2001
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Working Paper: The Suitability of ASEAN for a Regional Currency Arrangement (1999)
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