Vol. 5, No. 2 (2009): 65–90.
Monetary cooperation in East Asia has become increasingly important and practical, particularly in times of regional economic and financial crisis. Contrary to those papers of studies in the mainstream, this paper evaluates the feasibility of monetary union in East Asia by benchmarking its optimum currency area (OCA) criteria against selected dollarised countries and the European Economic and Monetary Union (EMU). Four criteria are proposed. The US dollar is designated as the anchor currency. To some extent, results do confirm the validity of the criteria and suggest a considerably strong case for monetary integration in parts of the region.
Chee-Heong Quah is an academic fellow currently in the final stages of reading a PhD in International Business at Faculty of Business and Accountancy, University of Malaya. His research interests encompass international economics, Asian monetary integration, financial crisis, and optimum currency area. Quah receives guidance from Professors Patrick Crowley (Texas A & M University), Michael Artis (University of Manchester) Goh Kim Leng and Nazari Ismail (University of Malaya). His latest publications include (with P. M. (2009, April). “A Single Currency for Asia? Evaluation and comparison using hierarchical and model-based cluster analysis”, in EUSA 11th Biennial International Conference, edited by Frank Schimmelfennig (Marina Del Rey, California: European Union Studies Association, April 2009); (with Ismail M. N. (2008). “Could the Great Depression repeat itself in the 21st century?”, Malaysian Management Journal, 12 (1&2) (2008); Quah, C. H. (2007, December). “Impossibility of another Great Depression in the 21st Century”, in The International Conference on Business, Environment, International Competitiveness and Sustainable Development of the Asia Pacific Economies, edited by Sivalingam G. (Monash University, Malaysia).