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  • 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. (xsd:string)
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?:dateModified
  • 2007 (xsd:gyear)
?:datePublished
  • 2007 (xsd:gyear)
?:doi
  • 10.1080/00036840500461907 ()
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  • en (xsd:string)
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?:issueNumber
  • 7 (xsd:string)
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  • Intra-Industry Trade and Business Cycles in ASEAN (xsd:string)
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  • Zeitschriftenartikel (xsd:string)
  • journal_article (en)
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  • GESIS-SSOAR (xsd:string)
  • In: Applied Economics, 39, 2007, 7, 893-902 (xsd:string)
rdf:type
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?:urn
  • urn:nbn:de:0168-ssoar-239607 ()
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  • 39 (xsd:string)