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Abstract Topic: International Economics

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Analysis of Single Currency Implementation in ASEAN+3
Mohamad Ahlis Djirimu, Haerul Anam, Frilly Andrelia Utami

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Corresponding Author
Mohamad Ahlis Djirimu

Department of Economics and Development, Faculty of Economics and Business, University of Tadulako, Central Sulawesi, Campus Bumi Tadulako Tondo, Soekarno-Hatta Road, Km14 Tondo, Palu, 94117.

The objective of this research is to analyse the feasibility of implementing single currency policy in ASEAN+3 countries based on annual data from 1993 to 2017. In this research, the panel data is analysed using Pooled Least Square regression model and Moving Average forecasting method to predict optimum currency area indices of ASEAN+3 in the period of 2018 to 2022. The results showed that (1) ASEAN+3 region is not ready to implement single currency policy because of an increasing trend of asymmetric shock, lack of business cycle synchronization, and differences in production structure, trade relations, and economy size among ASEAN+3 countries. (2) There are four converged country pairs which mean higher feasibility of forming optimum currency area for the four country pairs; Brunei Darussalam and Singapore have the most symmetrical foreign exchange volatility among the other country pairs.

single currency, optimum currency area, ASEAN+3

International Economics


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