Journal article | Zeitschriftenartikel
Intra-Industry Trade and Business Cycles in ASEAN
A new resolve for both increased economic integration and monetary and exchange rate cooperation has started to emerge in ASEAN, especially since the 1997-1998 Asian financial crisis. According to the optimum currency area theory, the degree of trade integration is one of the most important criteria for joining a currency union. The large increase in intra-ASEAN trade in recent years raises the question of whether the ASEAN countries are becoming better prepared to form a currency union. This paper sets to test whether the recorded increase in intra-ASEAN trade is leading the ASEAN members to closer economic integration and thus to better satisfy the criteria for a common currency. Two separate models are estimated for that purpose. First, a variation of the model of Frankel and Rose (1997) was estimated for the ASEAN members. Next, a new panel data methodology was conducted. The results with our own model were very significant and robust when four of the ASEAN5 countries were considered, and showed a clear positive correlation between intra-industry trade and business cycle synchronization in ASEAN. This result has important implications for the prospects of the creation of a common currency in the region.
- Umfang
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Seite(n): 893-902
- Sprache
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Englisch
- Anmerkungen
-
Status: Postprint; begutachtet (peer reviewed)
- Erschienen in
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Applied Economics, 39(7)
- Ereignis
-
Geistige Schöpfung
- (wer)
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Cortinhas, Carlos Jose Ferreira
- Ereignis
-
Veröffentlichung
- (wann)
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2007
- DOI
- URN
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urn:nbn:de:0168-ssoar-239607
- Rechteinformation
-
GESIS - Leibniz-Institut für Sozialwissenschaften. Bibliothek Köln
- Letzte Aktualisierung
-
21.06.2024, 16:26 MESZ
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Objekttyp
- Zeitschriftenartikel
Beteiligte
- Cortinhas, Carlos Jose Ferreira
Entstanden
- 2007
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