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  • 标题:CO-MOVEMENT 4 PERIOD ASEAN CURRENCY 1997-2005 A THEORY APPLICATION NAMELY OPTIMAL CURRENCY AREA USING VECTOR ERROR CORRECTION MODEL
  • 本地全文:下载
  • 作者:Moch. Doddy Ariefianto ; Perry Warjiyo
  • 期刊名称:Bulletin Ekonomi Moneter dan Perbankan
  • 印刷版ISSN:1410-8046
  • 电子版ISSN:2460-9196
  • 出版年度:2010
  • 卷号:12
  • 期号:4
  • 页码:447-480
  • DOI:10.21098/bemp.v12i4.380
  • 出版社:Bank Indonesia
  • 摘要:Starting from the Optimum Currency Area (OCA), this paper utilize the Vector Error Correction Model (VECM) to identify the dynamic short term and the long term co-movement between the ASEAN 4 currencies, including their existing fundamental mechanism. There are at least 3 important findings, (i) the co-movement between the ASEAN 4 currencies is not proved empirically, (ii) the theory of OCA does not robust in explaining the co-movement pattern in ASEAN, and (iii) the existance of OCA is a global phenomena, indicated from the significance of Yen currency on the ASEAN 4. These findings led to a conclusion of this paper that the ongoing economic integration as well as the financial one in ASEAN are not enough to form a unified monetary arrangement nor a common currency in this region.
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