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) models. It explores three types of interaction regimes among these countries: (1) No Coordination; (2) Bilateral Coordination; and (3) Multilateral Coordination. We find 18 feasible Bilateral Coordination schemes and four feasible Multilateral Coordination schemes for the ASEAN-5 + 3 countries. The best among these schemes is the Multilateral Coordination scheme that involves all the ASEAN-5 + 3 countries. Therefore, we suggest that the ASEAN-5 + 3 countries should adopt this scheme if coordinating monetary policies.
Sugandi, Eric Alexander
"Is International Monetary Policy Coordination Feasible For The Asean-5 + 3 Countries?,"
Bulletin of Monetary Economics and Banking: Vol. 25:
4, Article 2.
Available at: https://bulletin.bmeb-bi.org/bmeb/vol25/iss4/2