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Are Optimal Currency Areas Optimal for All? A Reassessment of the Case for Asian Monetary Union

Sweta Saxena

International Finance from University Library of Munich, Germany

Abstract: This paper is a pioneering attempt to include India with east and Southeast Asia to study the existence of the economic criteria for a common currency. The analysis in this paper shows that significant complementarities in trade exist among these countries, most of them experience similar shocks and labor mobility is already present. These results point to the fact that the cost of adopting a single currency may be minimal, while huge benefits could accrue from enhanced trade. The paper also recognizes the importance of yen for the success of the monetary union in Asia.

Keywords: Common Currency; Optimum Currency Areas; Monetary Union; Asia; India. (search for similar items in EconPapers)
JEL-codes: F33 F36 F42 E32 (search for similar items in EconPapers)
Date: 2005-08-09
Note: Type of Document - pdf; pages: 38
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