Titlebook: Advancing Regional Monetary Cooperation; The Case of Fragile Laurissa Mühlich Book 2014 Palgrave Macmillan, a division of Macmillan Publis

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Global Instability and “Monetary Regionalism”mong other effects, the government of the USA decided to abandon gold convertibility. Even a broadening of the exchange rate bands could not rescue the system. By 1973, the remaining European economies had also suspended the US dollar peg.

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A Modern Exchange Rate Theory Perspectivef OCA theory is that integrating countries need to show symmetric reactions to external shocks and a high level of economic convergence in order to benefit from creating a common currency area. In line with this argument, first-generation authors identified three main optimality conditions for regional monetary integration..

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2662-6675 ts. Interdisciplinary case studies on Southern Africa, Southeast Asia and South America provide a cross-regional perspective on the viability of such strategy.978-1-349-49107-0978-1-137-42721-2Series ISSN 2662-6675 Series E-ISSN 2662-6683

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https://doi.org/10.1007/978-1-349-12964-5s as the global financial crisis of 2008/2009. Broadly speaking, one may ask whether developing countries. and emerging markets should refrain from monetary integration initiatives, in particular since their financial market and macroeconomic conditions are comparatively fragile.

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https://doi.org/10.1007/978-3-030-43073-3, 2009). The literature unambiguously highlights the importance of well-developed financial markets, in particular the development of local currency-denominated financial instruments, as highly relevant to mitigate the aforementioned adverse effects on net wealth and monetary policy constraints.

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Basic Structures of Contracting Problems and Indonesia — in 1963 (cf. Sandhu et al., 2003: 29 ff.). However, both arrangements were short-lived, largely due to border conflicts and political disputes. Nevertheless, the Association of Southeast Asia’s organizational structures are still represented in ASEAN.