ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states

The optimal amount of monetary and exchange rate coordination among ASEAN member economies (AMS), depends, among others, on whether economic shocks are country-specific or common, as well as on the heterogeneity in monetary and exchange rate regimes, across the ASEAN countries. Are the ASEAN economi...

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Main Authors: Chow, Neriza Casas, Majuca, Ruperta P.
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Published: Animo Repository 2023
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Online Access:https://animorepository.dlsu.edu.ph/faculty_research/11011
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Institution: De La Salle University
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spelling oai:animorepository.dlsu.edu.ph:faculty_research-115092023-10-14T03:35:19Z ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states Chow, Neriza Casas Majuca, Ruperta P. The optimal amount of monetary and exchange rate coordination among ASEAN member economies (AMS), depends, among others, on whether economic shocks are country-specific or common, as well as on the heterogeneity in monetary and exchange rate regimes, across the ASEAN countries. Are the ASEAN economic shocks country-specific or common? Do AMSs adopt similar approaches to macroeconomic management? A vector error correction model (VECM) was estimated to analyze the diversity and similarities in the time series variables and in policy responses in ASEAN economies. The VECM model was estimated for three representative ASEAN economies, namely Singapore for a developed country, Philippines for ASEAN5, and Vietnam for CLMV economies. Important insights on the idiosyncrasies and the commonalities in the macroeconomic dynamics, policy responses, and long-equilibrium relationships across ASEAN were teased out, and questions on the scope for monetary and exchange rate coordination in ASEAN were answered. 2023-10-14T06:57:11Z text https://animorepository.dlsu.edu.ph/faculty_research/11011 Faculty Research Work Animo Repository Foreign exchange rates—Southeast Asia Southeast Asia—Economic conditions Economics
institution De La Salle University
building De La Salle University Library
continent Asia
country Philippines
Philippines
content_provider De La Salle University Library
collection DLSU Institutional Repository
topic Foreign exchange rates—Southeast Asia
Southeast Asia—Economic conditions
Economics
spellingShingle Foreign exchange rates—Southeast Asia
Southeast Asia—Economic conditions
Economics
Chow, Neriza Casas
Majuca, Ruperta P.
ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states
description The optimal amount of monetary and exchange rate coordination among ASEAN member economies (AMS), depends, among others, on whether economic shocks are country-specific or common, as well as on the heterogeneity in monetary and exchange rate regimes, across the ASEAN countries. Are the ASEAN economic shocks country-specific or common? Do AMSs adopt similar approaches to macroeconomic management? A vector error correction model (VECM) was estimated to analyze the diversity and similarities in the time series variables and in policy responses in ASEAN economies. The VECM model was estimated for three representative ASEAN economies, namely Singapore for a developed country, Philippines for ASEAN5, and Vietnam for CLMV economies. Important insights on the idiosyncrasies and the commonalities in the macroeconomic dynamics, policy responses, and long-equilibrium relationships across ASEAN were teased out, and questions on the scope for monetary and exchange rate coordination in ASEAN were answered.
format text
author Chow, Neriza Casas
Majuca, Ruperta P.
author_facet Chow, Neriza Casas
Majuca, Ruperta P.
author_sort Chow, Neriza Casas
title ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states
title_short ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states
title_full ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states
title_fullStr ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states
title_full_unstemmed ASEAN diversity, business cycle synchronization, and monetary coordination: Insights from a VECM model of three ASEAN member states
title_sort asean diversity, business cycle synchronization, and monetary coordination: insights from a vecm model of three asean member states
publisher Animo Repository
publishDate 2023
url https://animorepository.dlsu.edu.ph/faculty_research/11011
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