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

Catherine Figuière (), Laëtitia Guilhot () and Cyriac Guillaumin
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Catherine Figuière: CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2
Laëtitia Guilhot: CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2

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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 2010 became the key element in establishing an Asian Monetary Fund. This strengthening of institutional integration, coupled with increasing 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 resuls show, firstly, a decoupling of East Asian currencies vis-à-vis the dollar and, secondly, the emergence of a convergence towards regional targets.

Keywords: coopération économique; modélisation; monnaie; politique monétaire; régionalisation; taux de change; Asie de l'Est; Fonds monétaire asiatique (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

Published in Revue d'économie politique, 2013, 123 (2), pp.265-298

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Journal Article: La question du régime de change en Asie de l'Est: Vers un bloc monétaire régional ? (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00828873

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