Real Effects of Common Currencies in East Asia [electronic resource] Shirono, Kazuko.

Shirono, Kazuko.
Washington, D.C. : International Monetary Fund, 2007.
IMF eLibrary
IMF Working Papers; Working Paper No. 07/166.
IMF Working Papers; Working Paper No. 07/166
Government document
1 online resource (23 p.)
Local subjects:
Alternative exchange rate. (search)
Asymmetric shocks. (search)
Average trade. (search)
Bilateral arrangements. (search)
Bilateral exchange rate. (search)
Bilateral trade. (search)
Bilateral trade barriers. (search)
Bilateral trade flows. (search)
Changes in trade. (search)
Constant elasticity of substitution. (search)
Currency areas. (search)
Currency unions. (search)
Dollar exchange rate. (search)
Economic cooperation. (search)
Economic integration. (search)
Economic models. (search)
Effective exchange rate. (search)
Elasticity of substitution. (search)
Equilibrium model. (search)
Exchange rate. (search)
Exchange rate arrangements. (search)
Exchange rate instability. (search)
Exchange rate policies. (search)
Exchange rate policy. (search)
Exchange rate regime. (search)
Exchange rate stability. (search)
Exchange rate volatility. (search)
Exchange rates. (search)
Flexible exchange rates. (search)
Free trade. (search)
Free trade area. (search)
Import price. (search)
Increase trade flows. (search)
International trade. (search)
Monetary integration. (search)
Multilateral trade. (search)
Optimum currency areas. (search)
Partner country. (search)
Real effective exchange rate. (search)
Regional integration. (search)
Regional trade. (search)
Removing trade barriers. (search)
Trade area. (search)
Trade barriers. (search)
Trade costs. (search)
Trade creating. (search)
Trade effects. (search)
Trade flows. (search)
Trade levels. (search)
Trade model. (search)
Trade partner. (search)
Trade-creating effect. (search)
Trading partners. (search)
World output. (search)
East Asia. (search)
Japan. (search)
Since the 1997 Asian currency crisis, new interest has emerged in the formation of a common currency area in East Asia. This paper provides estimates of trade and welfare effects of East Asian currency unions, using a micro-founded gravity model. Counter-factual experiments to assess the effects of various hypothetical currency arrangements for East Asia suggest that an East Asian currency union will double bilateral trade in the region, but the resulting welfare effects will be moderate. However, if Japan, a major trade partner for East Asia, is included in the union, welfare effects increase substantially. The evidence thus suggests that certain regional currency arrangements in East Asia will stimulate regional trade rigorously and can generate economically significant welfare gains.
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Shirono, Kazuko.
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