Global S&T Development Trend Analysis Platform of Resources and Environment
Is International Monetary Policy Coordination Feasible for the ASEAN-5 + 3 Countries? | |
Eric Alexander Sugandi; admin | |
2020-05-16 | |
出版年 | 2020 |
国家 | 国际 |
领域 | 气候变化 ; 资源环境 |
英文摘要 |
The ASEAN-5 + 3 multilateral monetary policy coordination is the best feasible policy option for all the ASEAN-5 + 3 countries. We examine the feasibility of international monetary policy coordination among the ASEAN-5 + 3 countries using the two-production-factor dynamic stochastic general equilibrium (DGSE) model. We explore three types of interaction regimes among these countries: “no coordination,” “bilateral coordination,” and “multilateral coordination.” We define the benefit of international monetary policy coordination as the improvement of welfare (in terms of macroeconomic stability) for the participating countries. The cost of policy coordination is the loss of flexibility for the central banks of the participating countries to conduct monetary policy in the presence of shocks. A coordination scheme is feasible when the benefit of such coordination exceeds the cost for each of the participating countries. We find 18 feasible bilateral coordination schemes (out of 28 schemes) and 4 feasible multilateral coordination schemes (out of 6 schemes) for the ASEAN-5 + 3 countries, of which the ASEAN-5 + 3 multilateral monetary policy coordination is the best feasible scheme. The outcomes of multilateral policy coordination tend to be better than those of bilateral policy coordination. The relative size of the participating countries is a dominant factor that determines the feasibility of policy coordination. Nonetheless, it is possible to have feasible coordination when there are big differences in size among the participating countries, provided that there are other factor(s) with a significant influence on welfare in these countries, such as strong trade and direct investment linkages. WORKING PAPER NO: 1135 |
URL | 查看原文 |
来源平台 | Asian Development Bank |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/268499 |
专题 | 气候变化 资源环境科学 |
推荐引用方式 GB/T 7714 | Eric Alexander Sugandi,admin. Is International Monetary Policy Coordination Feasible for the ASEAN-5 + 3 Countries?,2020. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论