According to the theory and the standard of Optimum Currency Areas, this paper analyzes the possibility of the Asia＇s monetary cooperation. Based on the current study, this paper points out that East Asia does not ha...According to the theory and the standard of Optimum Currency Areas, this paper analyzes the possibility of the Asia＇s monetary cooperation. Based on the current study, this paper points out that East Asia does not have the condition for the monetary cooperation and the cooperation can only be conducted in a comparatively low level; furthermore, in order to achieve the monetary integration and to form the Optimum Currency Areas, it is still a long way to go for Asian countries. All the Asia countries should work hard in the political and economic area. However, the common interests will make the monetary cooperation an irreversible trend.展开更多
The time has come for the constitution of the Association of Southeast Asian Nations （ASEAN） economic community and many facts have been analyzed regarding this topic. This paper presents the results of the statisti...The time has come for the constitution of the Association of Southeast Asian Nations （ASEAN） economic community and many facts have been analyzed regarding this topic. This paper presents the results of the statistical analysis applied to several economic parameters which firstly show how their integration pattern adjusts with a considerable good fitting to the optimum currency area model and to its extended version by Behrens; and secondly how the 10 members of this group are moving at relatively same speed in spite of their differences, that are also inferred for ranging.展开更多
As the rumor that RMB will appreciate in the near future, most Asian currencies had appreciated according to this matter since the appreciation of Chinese RMB will strengthen the exports of those Asian counties, thus ...As the rumor that RMB will appreciate in the near future, most Asian currencies had appreciated according to this matter since the appreciation of Chinese RMB will strengthen the exports of those Asian counties, thus appreciate the currencies of those countries. An OCA matter here comes again to the Asian countries. As we all know, Euro has been formally used among European areas since 1999, and this is the fir.st time that the optimum currency system was adopted in the international history. Asia, as another area that has most development potentiality in the world, should it adopt the monetary integration process as well？ In this paper the necessary conditions to form an OCA are analyzed; European experience are conjured with the own feature of East Asia areas; possibilities of forming the OCA in East Asia are concluded as well as the resistances; besides the potential process of forming an OCA is suggested.展开更多
An analysis of the monetary synchronization of the Union of South American Nations （UNASUR） for the decade 2004 through 2013 has been conducted using the optimum currency area （OCA） theories in order to evaluate t...An analysis of the monetary synchronization of the Union of South American Nations （UNASUR） for the decade 2004 through 2013 has been conducted using the optimum currency area （OCA） theories in order to evaluate the economic integration. By applying Bayoumi and Eichengreen＇s equation, it was found that with a decent adjustment, a high percentage of countries show a tendency to harmonize their currencies in function of the four independent variables： output disturbances, the dissimilarity in exports composition, the trade linkages, and the size of the economies. To extend the model, mobility of labor and level of the integration in good＇s market were added by modifying Behrens＇ proposal, founding that the six variables are indeed related to the exchange rate harmonization at different significant levels, with a considerable moderate fitting. Additionally an analysis of variance （ANOVA） has been considered in order to study the following economic indicators： gross domestic product （GDP）, population, GDP per capita, exports to group vs. total exports, unemployment, and inflation rates so as to visualize the economic asymmetries of the Union, for the same period. Differences were inferred for all of them but not for their annual speed of change. The least significant differences （LSD） provide further results and Duncan＇s multiple range tests lead to defining groups of countries with similar characteristics.展开更多
文摘According to the theory and the standard of Optimum Currency Areas, this paper analyzes the possibility of the Asia＇s monetary cooperation. Based on the current study, this paper points out that East Asia does not have the condition for the monetary cooperation and the cooperation can only be conducted in a comparatively low level; furthermore, in order to achieve the monetary integration and to form the Optimum Currency Areas, it is still a long way to go for Asian countries. All the Asia countries should work hard in the political and economic area. However, the common interests will make the monetary cooperation an irreversible trend.
文摘The time has come for the constitution of the Association of Southeast Asian Nations （ASEAN） economic community and many facts have been analyzed regarding this topic. This paper presents the results of the statistical analysis applied to several economic parameters which firstly show how their integration pattern adjusts with a considerable good fitting to the optimum currency area model and to its extended version by Behrens; and secondly how the 10 members of this group are moving at relatively same speed in spite of their differences, that are also inferred for ranging.
文摘As the rumor that RMB will appreciate in the near future, most Asian currencies had appreciated according to this matter since the appreciation of Chinese RMB will strengthen the exports of those Asian counties, thus appreciate the currencies of those countries. An OCA matter here comes again to the Asian countries. As we all know, Euro has been formally used among European areas since 1999, and this is the fir.st time that the optimum currency system was adopted in the international history. Asia, as another area that has most development potentiality in the world, should it adopt the monetary integration process as well？ In this paper the necessary conditions to form an OCA are analyzed; European experience are conjured with the own feature of East Asia areas; possibilities of forming the OCA in East Asia are concluded as well as the resistances; besides the potential process of forming an OCA is suggested.
文摘An analysis of the monetary synchronization of the Union of South American Nations （UNASUR） for the decade 2004 through 2013 has been conducted using the optimum currency area （OCA） theories in order to evaluate the economic integration. By applying Bayoumi and Eichengreen＇s equation, it was found that with a decent adjustment, a high percentage of countries show a tendency to harmonize their currencies in function of the four independent variables： output disturbances, the dissimilarity in exports composition, the trade linkages, and the size of the economies. To extend the model, mobility of labor and level of the integration in good＇s market were added by modifying Behrens＇ proposal, founding that the six variables are indeed related to the exchange rate harmonization at different significant levels, with a considerable moderate fitting. Additionally an analysis of variance （ANOVA） has been considered in order to study the following economic indicators： gross domestic product （GDP）, population, GDP per capita, exports to group vs. total exports, unemployment, and inflation rates so as to visualize the economic asymmetries of the Union, for the same period. Differences were inferred for all of them but not for their annual speed of change. The least significant differences （LSD） provide further results and Duncan＇s multiple range tests lead to defining groups of countries with similar characteristics.
