La question du régime de change en Asie de l'Est: Vers un bloc monétaire régional ?

Catherine Figuière, Laëtitia Guilhot and Cyriac Guillaumin

Revue d'économie politique, 2013, vol. 123, issue 2, 265-298

Abstract: Since the financial crisis of 1997-1998, East Asian countries have developed many initiatives for monetary and financial cooperation. The global crisis that began in 2007 has further accelerated the process of cooperation. The Multilateralization of the Chiang Mai Initiative in May 2010 became the key element in establishing an Asian Monetary Fund. This strengthening of institutional integration, coupled with an increased economic interdependence, raises issues regarding the possible creation of a de facto currency bloc in the region. The aim of this paper is to explore this hypothesis using nonstationary panel data. The tools of convergence are translated to the exchange rates and we test, after having defined it, the hypothesis of a currency bloc using the three generations of panel unit root tests. Our results show, firstly, a decoupling of East Asian currencies vis-à-vis the dollar and, secondly, the emergence of a convergence towards regional targets.

Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REDP_232_0265 (application/pdf)
http://www.cairn.info/revue-d-economie-politique-2013-2-page-265.htm (text/html)
free

Related works:
Working Paper: La question du régime de change en Asie de l'Est: vers un bloc monétaire régional ? (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:repdal:redp_232_0265

Access Statistics for this article

More articles in Revue d'économie politique from Dalloz
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().