초록 열기/닫기 버튼
This paper examines whether or not the Northeast Asian economies, namely,China, Japan, Korea, and Taiwan, can form a currency union, where a singlecurrency and a uniform monetary policy are adopted, or an exchange rate unionwhere al the curencies are pegged to an internal or external curency or anoptimum currency basket. The analysis of correlations of supply shocks, exchange rateshocks, monetary shocks, and demand shocks, which are estimated applying thestructural VAR model with identification restrictions imposed, to the data for theperiod from 1970 through 2004, shows that shocks of these economies are notsymmetric, in general, implying that the Northeast Asian economies are not ready yetto form a common currency union. However, it is found that the Northeast Asiancountries can form an exchange rate union with a major currency basket, whichconsists of the U.S. dollar, the euro and the Japanese yen, as an anchor currency. Thepaper also examines the option of pegging to a basket of regional currencies, similarto the Asian Currency Unit (ACU), and discusses policy implications.JEL classification: F33, F36
키워드열기/닫기 버튼
Currency union, Exchange rate union, Optimum currency areas,Northeast AsiaA Currency Union or an Exchange Rate Union: Evidence from Northeast Asia 257I. IntroductionThis paper examines whether the Northeast Asian economies, namely, China,Japan, Kore
