Monetary Integration in East Asia: An Empirical Approach

• 영문명: Monetary Integration in East Asia: An Empirical Approach
• 발행기관: 세종대학교 경제통합연구소
• 저자명: José Brandã o de Brito
• 간행물 정보: 『Journal of Economic Integration』제19권 제3호, 536~567쪽, 전체 32쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2004.09.30

영문 초록

This paper investigates empirically the economic feasibility of monetary integration in East Asia. A structural VAR model is employed to decompose real output, real exchange rate and price level into a lagged polynomial of supply, demand and monetary shocks. The shocks are identified through the imposition of long-run restrictions, which are extracted from a version of Clarida and Gali`s (1994) model extended in this paper to encompass the Balassa-Samuelson-effect. Once identified, the shocks are used to construct indicators relevant to monetary integration. Using the Euro-11 countries as benchmark, the overall results suggest that East Asian countries fulfil reasonably well the criteria looked at.

목차

Ⅰ. Introduction

Ⅱ. Theoretical Framework

Ⅲ. Empirical Framework

Ⅳ. Empirical Results

Ⅴ. Discussion and Conclusions

키워드

Monetary integration East Asia optimum currency area Balassa-Samuelson effect structural VAR long run identifying assumptions