Asian financial integration
Philippine Institute for Development Studies
Surian sa mga Pag-aaral Pangkaunlaran ng Pilipinas
Two Essays on Regional
Economic Integration in East Asia
Josef T. Yap
DISCUSSION PAPER SERIES NO. 2004-12
The PIDS Discussion Paper Series constitutes studies that are preliminary and subject to further revisions. They are being circulated in a limited number of copies only for purposes of soliciting comments and suggestions for further refinements. The studies under the Series are unedited and unreviewed.
The views and opinions expressed are those of the author(s) and do not necessarily reflect those of the Institute.
Not for quotation without permission from the author(s) and the Institute.
April 2004
For comments, suggestions or further inquiries please contact:
The Research Information Staff, Philippine Institute for Development Studies
3rd Floor, NEDA sa Makati Building, 106 Amorsolo Street, Legaspi Village, Makati City, Philippines
Tel Nos: 8924059 and 8935705; Fax No: 8939589; E-mail: publications@pidsnet.pids.gov.ph
Or visit our website at http://www.pids.gov.ph
Two Essays on Regional Economic Integration in East Asia
Josef T. Yap
Abstract
Regional economic integration in East Asia has gained momentum in the aftermath of the 1997 financial crisis and the escalation of international terrorism. In the first essay, the integration process in Europe and East Asia is compared briefly. This is followed by a discussion on the expansion process by the European Union and how
East Asia can learn from this. In particular, the concern is how to integrate the CMLV countries in a meaningful way. Proposals deal with the impact of freer movement of natural persons, the Japan-ASEAN comprehensive economic partnership agreements, and the viability of core labor standards.
The second essay is more straightforward. Criteria for successful exchange rate coordination are specified and the paper determines whether the Philippines has
satisfied
Surian sa mga Pag-aaral Pangkaunlaran ng Pilipinas
Two Essays on Regional
Economic Integration in East Asia
Josef T. Yap
DISCUSSION PAPER SERIES NO. 2004-12
The PIDS Discussion Paper Series constitutes studies that are preliminary and subject to further revisions. They are being circulated in a limited number of copies only for purposes of soliciting comments and suggestions for further refinements. The studies under the Series are unedited and unreviewed.
The views and opinions expressed are those of the author(s) and do not necessarily reflect those of the Institute.
Not for quotation without permission from the author(s) and the Institute.
April 2004
For comments, suggestions or further inquiries please contact:
The Research Information Staff, Philippine Institute for Development Studies
3rd Floor, NEDA sa Makati Building, 106 Amorsolo Street, Legaspi Village, Makati City, Philippines
Tel Nos: 8924059 and 8935705; Fax No: 8939589; E-mail: publications@pidsnet.pids.gov.ph
Or visit our website at http://www.pids.gov.ph
Two Essays on Regional Economic Integration in East Asia
Josef T. Yap
Abstract
Regional economic integration in East Asia has gained momentum in the aftermath of the 1997 financial crisis and the escalation of international terrorism. In the first essay, the integration process in Europe and East Asia is compared briefly. This is followed by a discussion on the expansion process by the European Union and how
East Asia can learn from this. In particular, the concern is how to integrate the CMLV countries in a meaningful way. Proposals deal with the impact of freer movement of natural persons, the Japan-ASEAN comprehensive economic partnership agreements, and the viability of core labor standards.
The second essay is more straightforward. Criteria for successful exchange rate coordination are specified and the paper determines whether the Philippines has
satisfied
References: Anand, R. and S. van Wijnbergen (1989): “Inflation and the Financing of Government Expenditure: An Introductory Analysis with an Application to Asian Development Bank (2003): Monetary and Financial Integration in East Asia: The Way Ahead Catsambas, T. and M. Pigato (1989): The Consistency of Government Deficit with Macro-economic Adjustments: An Application to Kenya and Ghana Choudhri, Ehsan U. and Dalia S. Hakura. 2001. “Exchange Rate Pass-Through to Domestic Prices: Does Inflationary Environment Matter?” IMF Working International Monetary Fund (2003): “Public Debt in Emerging Markets: Is it Too High?” Chapter 3 of World Economic Outlook (September). Ito, T. and Y. C. Park (2003): “Exchange Rates in East Asia.” In Asian Development Bank (2003). Lamberte, M. B. (2002): “Central Banking in the Philippines: Then, Now, and the Future.” Philippine Institute for Development Studies Discussion Paper 200210 (September). Manasan, R. G. (2002): “Analysis of the President’s Budget for 2003.” Philippine Institute for Development Studies Discussion Paper 2002-24 (December). Montiel, P. (2003): “An Overview of Monetary and Financial Integration in East Asia.” In Asian Development Bank (2003). Ogawa, E., T. Ito, and Y. N. Sasaki (2003): “Costs, Benefits, and Constraints of the Currency Basket Regime for East Asia.” In Asian Development Bank (2003). Taylor, J. B. (2000): “Low Inflation, Pass-Through, and the Pricing Power of Firms.” European Economic Review