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Financial integration among ASEAN+3 countries : evidence from exchange rates convergence

As the economies of Asian have moved towards closer economic ties in recent years, the establishment of regional exchange rate arrangement has become an important regional policy concern. A study by the Asian Development Bank forecast that Asian will be the world's largest economy by 2050. Henc...

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Main Authors: Lee, Chin, Mohamed, Azali
Format: Article
Language:English
Published: Center for Promoting Ideas (CPI), USA 2013
Online Access:http://psasir.upm.edu.my/id/eprint/28404/1/Financial%20integration%20among%20ASEAN.pdf
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spelling oai:psasir.upm.edu.my:28404 http://psasir.upm.edu.my/id/eprint/28404/ Financial integration among ASEAN+3 countries : evidence from exchange rates convergence Lee, Chin Mohamed, Azali As the economies of Asian have moved towards closer economic ties in recent years, the establishment of regional exchange rate arrangement has become an important regional policy concern. A study by the Asian Development Bank forecast that Asian will be the world's largest economy by 2050. Hence, it is not reasonable for Asian to continuously depend on U.S. dollar. Asian must have its own currency and must responsible for its own financial stability. Regional cooperation (including integration) is critical for Asia’s march toward prosperity and facing vulnerabilities to global shocks. Financial integration in ASEAN+3 is assessed in this paper by examining the time-series stochastic behaviour and cointegration in a set of eight ASEAN+3 currencies. The findings imply that not all of the ASEAN+3 countries are financial integrated during the recent float. This finding provided weak support upon formation of regional monetary and exchange rate arrangement in Asia. Center for Promoting Ideas (CPI), USA 2013 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/28404/1/Financial%20integration%20among%20ASEAN.pdf Lee, Chin and Mohamed, Azali (2013) Financial integration among ASEAN+3 countries : evidence from exchange rates convergence. International Journal of Business and Social Science, 4 (17). pp. 246-252. ISSN 2219-1933; ESSN: 2219-6021 http://ijbssnet.com/journal/index/2312
institution UPM IR
collection UPM IR
language English
description As the economies of Asian have moved towards closer economic ties in recent years, the establishment of regional exchange rate arrangement has become an important regional policy concern. A study by the Asian Development Bank forecast that Asian will be the world's largest economy by 2050. Hence, it is not reasonable for Asian to continuously depend on U.S. dollar. Asian must have its own currency and must responsible for its own financial stability. Regional cooperation (including integration) is critical for Asia’s march toward prosperity and facing vulnerabilities to global shocks. Financial integration in ASEAN+3 is assessed in this paper by examining the time-series stochastic behaviour and cointegration in a set of eight ASEAN+3 currencies. The findings imply that not all of the ASEAN+3 countries are financial integrated during the recent float. This finding provided weak support upon formation of regional monetary and exchange rate arrangement in Asia.
format Article
author Lee, Chin
Mohamed, Azali
spellingShingle Lee, Chin
Mohamed, Azali
Financial integration among ASEAN+3 countries : evidence from exchange rates convergence
author_facet Lee, Chin
Mohamed, Azali
author_sort Lee, Chin
title Financial integration among ASEAN+3 countries : evidence from exchange rates convergence
title_short Financial integration among ASEAN+3 countries : evidence from exchange rates convergence
title_full Financial integration among ASEAN+3 countries : evidence from exchange rates convergence
title_fullStr Financial integration among ASEAN+3 countries : evidence from exchange rates convergence
title_full_unstemmed Financial integration among ASEAN+3 countries : evidence from exchange rates convergence
title_sort financial integration among asean+3 countries : evidence from exchange rates convergence
publisher Center for Promoting Ideas (CPI), USA
publishDate 2013
url http://psasir.upm.edu.my/id/eprint/28404/1/Financial%20integration%20among%20ASEAN.pdf
_version_ 1819295126359375872
score 13.4562235

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