Integration Strategies for ASEAN: Alone, Together, or Together with Neighbors
Michael Plummer () and
Ganeshan Wignaraja ()
No 92, Economics Study Area Working Papers from East-West Center, Economics Study Area
ASEAN has been deepening intra-regional integration at the same time that it has been forming various cooperative arrangements with its partners, and its Member Countries have been pursuing individual trade accords. Which would be the optimal configuration for ASEAN? In this paper, we evaluate various economic scenarios for the region in terms of real-sector, financial, and macroeconomic cooperation with a view to gauge the best unit of integration. We review the current evolution of trade and financial accords in the region and survey the literature on the economic viability of these accords, including some fresh CGE simulations on the correlation of business cycles and the economic effects of potential trade groupings being considered. In general, the paper suggests that the economic potential for closer economic integration is strong. In terms of trade, we note that there would be positive gains from ASEAN integration and the current wave of bilateral free-trade areas, but that these gains are much less significant for ASEAN than would be the case of other scenarios, such as the ASEAN+3 or the Free Trade Area of the Asia-Pacific. We also argue that the case for deepening financial and monetary integration in Asia is convincing, even though the political underpinnings of such an accord are not yet in place.
JEL-codes: F (search for similar items in EconPapers)
Pages: pages 37
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.eastwestcenter.org/stored/pdfs/ECONwp092.pdf [301 Moved Permanently]--> https://www.eastwestcenter.org/stored/pdfs/ECONwp092.pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ewc:wpaper:wp92
Access Statistics for this paper
More papers in Economics Study Area Working Papers from East-West Center, Economics Study Area Contact information at EDIRC.
Bibliographic data for series maintained by Brenda Higashimoto ( this e-mail address is bad, please contact ).