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SCOPUS 학술저널

Monetary Integration in East Asia: An Empirical Approach

Monetary Integration in East Asia: An Empirical Approach

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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.

Ⅰ. Introduction

Ⅱ. Theoretical Framework

Ⅲ. Empirical Framework

Ⅳ. Empirical Results

Ⅴ. Discussion and Conclusions

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