Lessons from the EMU for Asian regional Integration: An Economic Perspective
This paper addresses a fundamental question for Asian countries using the European experience with the EU and the EMU: are the EU and the EMU structures and processes to be emulated by Asian countries. Different types of costs and benefits of EU and EMU membership are identified. It is also argued that most economic benefits that accrue from membership could be obtained from alternative institutional arrangements. Asian countries need to examine these benefits and costs. The EMU being the next logical step after a currency peg is not endorsed here. Most of the benefits of the EMU can be achieved, and some costs can be avoided, through a Currency Board (CB) or even a floating rate under certain institutional conditions. Discriminatory practices by the EU, as well as within the EU, and institutional harmonization affect the benefits and costs of membership in a union. Potential costs of non-membership can be avoided by appropriate trading arrangements. It is, therefore, logical to build an Asian Union that avoids the pitfalls of those of Europe while realizing most of the benefits. Such a union need not include every country in Asia. The Smaller countries may well find it beneficial to stay outside a Union while harmonizing policies with it.
Sarkis Joseph Khoury Clas Wihlborg
University of California- Riverside Copenhagen Business School
国际会议
成都
英文
1-33
2007-07-09（万方平台首次上网日期，不代表论文的发表时间）