The paper assesses how close Asian countries are to an Optimal Currency Area in terms of business cycle synchronization, with a focus on supply shock asymmetry. Based on a Structural VAR model, the importance of symmetric and asymmetric supply shocks is teasted for all ASEAN+3 countries. In...

The process of monetary integration in Europe began amid widespread skepticism among economists about the project. But today the success of the euro has prompted a reconsideration of whether monetary unions should be implemented elsewhere. This CESifo volume assesses contemporary theoretical and...

The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues ofmonetary and factor market policies. The analysis also presents new theoretical and empirical research on the - transitory - decline of the...