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    Can a Common Currency Induce Intra-Regional Trade? The South-East Asian (ASEAN) Perspective,

    Access Status
    Fulltext not available
    Authors
    Kabir, S.
    Salim, Ruhul
    Date
    2016
    Type
    Journal Article
    
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    Citation
    Kabir, S. and Salim, R. 2016. Can a Common Currency Induce Intra-Regional Trade? The South-East Asian (ASEAN) Perspective. Review of Urban & Regional Development Studies. 28 (3): pp. 218-234.
    Source Title
    Review of Urban & Regional Development Studies
    DOI
    10.1111/rurd.12054
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/66933
    Collection
    • Curtin Research Publications
    Abstract

    Recent literature strongly suggests that a common currency could be a potential long‐term currency arrangement for Association of Southeast Asian Nations (ASEAN). However, a high level of macroeconomic heterogeneity among these countries raises questions about the viability of managing a common monetary policy in the long run. In response to such currency management policy debate, this study analyzes the intra‐regional trade induction capability of a common currency for the ASEAN region. Using a gravity model of trade and an extended event study approach, the study finds that a common currency would induce intra‐ASEAN trade by 11–14 cents against every dollar of ASEAN gross domestic product. However, if the cost of managing regional macroeconomic harmonization is substantially high, a currency union for the ASEAN economy not be cost effective.

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