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Benefits, Costs, and Feasibility of a Monetary Union for the Association of Southeast Asian Nations (ASEAN)
Khanh P. Ngo
Michigan Journal of Business , 2013,
Abstract: The European Monetary Union’s struggle to survival has been a great case study as it provides valuable insights into the benefits and costs of adopting a monetary union. The benefits are numerous, including the elimination of foreign exchange uncertainty and transaction costs, the abolition of competitive devaluations, specialization in trade and finance, economies of scale, and reduction of borrowing costs. Meanwhile, the risk stemming from ceding the independent monetary authority also poses as a major challenge, with the surrender of central banks’ monetary authorities as a major criticism. While the debate is still heating, the Association of Southeast Asian Nations (ASEAN) is currently standing at a unique crossroad—to adopt or not to adopt a monetary union. Through quantitative and qualitative methods, the paper concludes that the ASEAN founders, including Thailand, Singapore, Indonesia, Malaysia and Philippines, are not yet ready to adopt a monetary union. This paper also suggests that, even though the ASEAN demonstrates many evidences of economic integration momentarily, the group as a whole needs to step up and more effective policies are necessary to make an ASEAN monetary union realistic. These policies must aim to increase labor and capital mobility as well as interregional trades among all countries. Besides, as a result of the European debt crisis, a fiscal union must also be taken into consideration should an ASEAN monetary union takes any formal forms of discussion in the near future.
The Feasibility of a Monetary Union in MERCOSUR
Moises Numa
Michigan Journal of Business , 2011,
Abstract: Based on the progress of the European Union (EU) and the development of the European Monetary Union (EMU), many economists have studied the possibility of implementing a single monetary unit system in other regions of the world. When considering the countries in the region of Latin America, experts suggest they are currently not ready for a monetary union. This paper analyzes the feasibility of a currency union within MERCOSUR – a trade agreement between Argentina, Brazil, Paraguay and Uruguay – with a long-term perspective. In order to form a conclusion, the concept of a currency union in MERCOSUR was analyzed qualitatively and quantitatively. The existing Euro model was studied and frequently used as an example. In addition, the country profiles of all four members of MERCOSUR were conceptually compared and also analyzed with econometric models to test the current level of integration. The results suggest that these four countries are not ready for a currency union because their level of integration is not strong enough and there is too much volatility in their economies. To develop into an optimum currency area, several actions must first occur: Argentina, Brazil, Paraguay and Uruguay must increase their level of integration amongst each other, improve their economic performance, and lastly, all four countries must believe and act in such a way that shows they are unified under a single goal. Lastly, the Eurozone has proven that to have a sustainable currency union, there must be fiscal integration to absorb and smooth economic shocks. If the ultimate goal is a monetary union, then an economic union should also be taken into consideration.
Does East Asia Move towards an Optimum Currency Area? Evidence from the Multivariate Structural VAR Analysis  [cached]
Xing-kun Liu
International Journal of Economics and Finance , 2012, DOI: 10.5539/ijef.v4n12p159
Abstract: Focusing on the symmetry in structural shocks and employing a four-variable structural vector auto-regression model, this paper investigated the dynamic trend of the feasibility for East Asian economies to form a currency union. The analysis of correlations of external supply shocks, domestic supply shocks, real demand shocks and monetary shocks (nominal shocks) with a sample period from 1980 to 2010 suggests that it is not reasonable for East Asia to form a single currency union currently in the entire region. However, a viable approach for regional monetary integration would be to start with smaller currency areas: Northeast Asian sub-region cluster including Japan, Korea, Taiwan and Hong Kong, and Southeast sub-regional cluster including Indonesia, Malaysia, Singapore and Thailand, and other economies might be included later. We can reasonably expect that the integration of these sub-regional currency areas may lead to a single currency in East Asia when a sufficient degree of economic convergence is achieved.
The Suitability of the GCC for Monetary Union
LMichael Thorpe
International Journal of Business and Management , 2009, DOI: 10.5539/ijbm.v3n2p71
Abstract: The member states of the Gulf Cooperation Council (GCC) have proposed the establishment of a monetary union in 2010. While this has the potential to generate significant benefits for the group and individual member states in the context of wider economic integration, it also removes some flexibility in the macro-economic management of national economies. It is important, therefore, that alternative adjustment mechanisms are in place and effective in the face of asymmetric shocks to the union. This paper looks at the theoretical and empirical literature and identifies the potential benefits and costs associated with a monetary union. It highlights the criteria used to asses to what extent any particular union would be beneficial and sustainable longer term. The GCC is reviewed with reference to this literature and some observations made as to the likelihood of a successful union and what steps could be undertaken to facilitate this.
The European monetary Union and euro  [PDF]
Zirojevi? Mina,Jelisavac Sanja I.
Medjunarodni Problemi , 2002, DOI: 10.2298/medjp0201005z
Abstract: The authors present and analyses the effects of introducing EURO on the European Union Market. On 1 January 2002, the euro banknotes and coins are introduced in 12 Member States of the European Union. But what is the background to the euro? Which countries are involved? How did the euro evolve? On the following pages, you will find the answers to these and many other questions along with all the information you will need about the biggest monetary changeover in history. So, whether you are in Europe or elsewhere in the world, why not take a journey with us to discover how the euro evolved?
Is There Information Warfare in Southeast Asia?
Rolando Talampas
Kasarinlan : Philippine Journal of Third World Studies , 2002,
Abstract: In the post-Cold War order, Southeast Asia has been one of the most volatile regions in the world. New challenges now face both state and nonstate actors. One of the most important of these is the transformation and communication technology and its implications for the emergence of so-called information warfare. This paper examines the forms of information warfare in Southeast Asia, with passing reference also to Northeast Asia, in order to assess the scope of the threat and the various responses to it. It does do by locating the significance of information warfare in the context of economic development policies, the domestic politics of individual states, and the broader regional sociocultural trajectory. The conclusion suggests that information warfare in Southeast Asia is actually on quite a modest scale but that there are important tensions emanating from Northeast Asia that may spill over into the region.
Iron Age in Southeast Asia
Kishor K. Basa
Papers from the Institute of Archaeology , 1991, DOI: 10.5334/pia.15
Abstract: In this paper, I shall discuss the issue of the Iron Age in Southeast Asia under two headings - mainland Southeast Asia and island Southeast Asia. On the mainland, I shall discuss the evidence from Vietnani, Thailand and Peninsular Malaysia, but exclude Burma, Laos and Kampuchea for lack of relevant data. In the islands, I will discuss Indonesia, Sabah, Sarawak and the Philippines. I would argue that the Iron Age as a separate cultural entity is evident on the mainland, but in the islands there is no identifiable Bronze Age preceding the adoption of iron. By the Iron Age, I mean a period associated with iron artefacts, wet rice farming, brisk internal exchange and external trade and, in the lowland at least, a ranked society. This corresponds roughly to the General Period C of Bayard (1984b, 163, see also Higham and Kijngam 1984, 13-21). But two points should be made about this scheme: This is a heuristic device, so all sites in Southeast Asia can not be easily fitted into it. There is as yet no general agreement among scholars regarding the chronology of various periods.
Challenges for monetary policy in the enlarged European monetary Union
Radovi? Irena
Panoeconomicus , 2009, DOI: 10.2298/pan0901095r
Abstract: The eastward enlargement of the Euro area entails significant implications for the accession candidates in Central and Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present analysis assesses the challenges and critical aspects in monetary policy modeling with special emphasis to enlargement. The focus is on the difficulty of implementing a unique currency policy in view or growing heterogeneity within the enlarged monetary union, and secondly - the issue of the voting mechanism within the ECB. When analyzing those two issues, it is conclusive that the difficulties for the ECB and the current Euro zone members will increase. For the enlarged Euro zone, which is becoming more divergent, it will be very hard to find adequate recipes to meet the needs and requirements of all. The big question is: whether centralization of monetary policy is a sustainable and superior solution?.
The Problems of Terrorism in Southeast Asia  [PDF]
Mohamad Faisol Keling,Md. Shukri Shuib,Mohd Na’eim Ajis,,Achmad Dzariean Mohd Nadzri
Journal of Asia Pacific Studies , 2009,
Abstract: The September 11th attack had opened the eyes of countries inthe international system regarding the threats from terrorists which is seen as capable of threatening the security of country. Many countries started talking about the development of international terrorists which are able to threaten a particular country at anytime. The success of international terrorists attacked against the most power country like United Stated has influenced the emergence of various terrorist activities all over the world including in the Southeast Asia. This region has got theworld’s attention when terrorism movements were developing like the‘Jemaah Islamiah Front’ (Indonesia), Abu Sayyaf Group and MoroIslamic Liberation Front (Philippines), Pattani Liberation Front(Thailand) and Malaysian Militant Group (Malaysia) which potentiallythreatened the security of the Southeast Asia region. These terroristgroups have changed from making limited or small attacks in the country to making serious threats and becoming bigger movements. Manypredictions have been made as to clarify how these terrorist attacks have changed into active threats. This situation has been connected to the role played by international terrorist who secretly entered the countries in the Southeast Asia to help the local terrorist. Therefore, this paper will explain the influence of international terrorist in the terrorism activities in this region. Besides that, it will also explain the background of these terrorist movements in the region and how these terrorist are able to enter a particular country and help the local terrorist movement to be moreactive in the region.
Causes and Enlightenments of European Debt Crisis on China’s Participation in East Asia’s Monetary Cooperation  [cached]
Rui CUI
Canadian Social Science , 2012, DOI: 10.3968/j.css.1923669720120806.9778
Abstract: Deterioration of European sovereign debt crisis caused the global market slump. Although the European Union has introduced the first round large-scale rescue plan of 750 billion euro to Greece on May 10, 2010, the worsening trend of sovereign debt crisis has not been controlled effectively, and the prospect of crisis is still worrying. The paper firstly introduced the process of European sovereign debt crisis, then analyzed the causes of outbreak on European debt crisis, and finally concluded the enlightenments for China’s participation in East Asia’s monetary cooperation. Key words: East Asia; Monetary cooperation; European debt crisis
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