Could a Common Currency Have Prevented the Asian Crisis?

Ma. Claret Mapalad and Emmanuel de Dios ()

No 199901, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: Recently currency instability and its economic and social consequences prompt the question whether and to what extent a common currency could have served to prevent or meliorate the Asian crisis. This paper examines the advantages and costs of such a proposal, using the experience and institutions of European monetary union as a starting point. It concludes that while the technical economic obstacles are not insurmountable, the political and social factors presupposed in a union are more important in explaining the region?s lukewarm reception of the proposal.

Date: 1999-01
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Published as UPSE Discussion Paper No.1999-01, January 1999

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Persistent link: https://EconPapers.repec.org/RePEc:phs:dpaper:199901

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