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Title: A common currency peg in East Asia? Perspectives from Western Europe
Authors: Chow, H.K.
Kim, Y. 
Keywords: Common currency peg in East Asia
Country-specific shocks vs. regional shocks
Economic and monetary union
Optimum currency area
Issue Date: 2003
Citation: Chow, H.K., Kim, Y. (2003). A common currency peg in East Asia? Perspectives from Western Europe. Journal of Macroeconomics 25 (3) : 331-350. ScholarBank@NUS Repository.
Abstract: In this paper we investigate the feasibility of a common currency peg in East Asia from the perspective of Western European countries. We find that domestic outputs of East Asian countries are strongly influenced by country-specific shocks while regional shocks are far more important in European countries that have joined the Economic and Monetary Union. The results are robust to various changes in specifications of the model. They suggest that East Asian countries are structurally different from each other and thus more likely to be subject to asymmetric shocks. Based on optimum currency area grounds, a common currency peg in East Asia would be more costly and difficult to sustain. © 2003 Elsevier Inc. All rights reserved.
Source Title: Journal of Macroeconomics
ISSN: 01640704
DOI: 10.1016/S0164-0704(03)00041-7
Appears in Collections:Staff Publications

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