The Suitability of ASEAN for a Regional Currency Arrangement

This paper examines the costs, benefits, preconditions, and implications of an Association of Southeast Asian Nations (ASEAN) regional currency arrangement that is assumed to culminate in a regional currency. On economic criteria, ASEAN appears less suited for a regional currency arrangement than Europe before the Maastricht Treaty, although the difference is not large. The transition to European Monetary Union (EMU) indicates that the path toward a common currency is fraught with difficulty. A firm political commitment would seem to be vital to ensuring that an attempt to form a regional currency arrangement is not viewed as simply another fixed exchange rate regime, open to speculative crises.
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Volume/Issue: Volume 1999 Issue 162
Publication date: December 1999
ISBN: 9781451857856
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Business and Economics , Exports and Imports , Money and Monetary Policy , WP , exchange rate , currency , single currency , ASEAN country , country , currency union , ASEAN , EMU , exchange rates , common currency , ASEAN member , EMU country , ASEAN countries' exposure , exposure to fluctuation , ASEAN context , ASEAN process , currency arrangement , EMU process , EU institution , ASEAN's trade , Monetary unions , Currencies , Real exchange rates , Europe , Western Europe , East Asia , Asia and Pacific , Eastern Europe

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Summary

This paper examines the costs, benefits, preconditions, and implications of an Association of Southeast Asian Nations (ASEAN) regional currency arrangement that is assumed to culminate in a regional currency. On economic criteria, ASEAN appears less suited for a regional currency arrangement than Europe before the Maastricht Treaty, although the difference is not large. The transition to European Monetary Union (EMU) indicates that the path toward a common currency is fraught with difficulty. A firm political commitment would seem to be vital to ensuring that an attempt to form a regional currency arrangement is not viewed as simply another fixed exchange rate regime, open to speculative crises.

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