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| Author: | Khoury, S.J. Wihlborg, C. |
| Title: | Lessons from the EMU for Asian regional integration: An economic perspective |
| Journal: | Journal of Asia-Pacific Business
2008 : VOL. 9:1, p. 82-102 |
| Index terms: | regional development integration harmonization exchange rates European Monetary System Asia |
| Freeterms: | EMU EMS |
| Language: | eng |
| Abstract: | Analyzing the European Union (EU), particular attention is paid to two kinds of economic benefits and costs (hereafter as: bs-and-cs.) not seen much in conventional economic analysis: i. there are bs-and cs. of harmonization in different areas incl. the monetary area, ii. giving up sovereignty within a policy area can provide many countries with an insurance against domestic institutional, legal, and political weaknesses. Although economic arguments are emphasized, it is necessary to recognize that the EU is very much a politically motivated project. Politics may well be the biggest obstacle to an EMU-like monetary system in Asia etc. |
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