structural economies in Southeast asia. Emphasis is laid on the propagation mechanism from a financial crisis to a currency … crisis. Micro-foundation, endogenous labour supply, and nominal wage rigidity are key features of our model. It has the same …-hypothesis of an "arbitrage" crisis against a "panic" crisis alternative, without needing any measure of fundamentals. The test …

can be stopped, contagious risks contained and financial crisis prevented …

assess the potential costs of giving up monetary policy autonomy to form a currency union. It is found that the three …

variations. We also estimate the output costs of relinquishing policy autonomy to form a currency union. The estimated output …