How far apart are two ACUs from each other?

The Bank of Japan Working Paper "How far apart are two ACUs from each other?: Asian Currency Unit and Asian Currency Union" examines the future evolution of the Asian currency arrangements from broader perspectives, including the optimal currency area theory and the experience with the European Currency Unit (ECU).

Most academic literature on this topic concurs that the optimal currency area conditions seem to be met by subsets of Asian countries although the ultimate success of an Asian currency

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