Monetary Coordination in Northeast Asia:An Option for China-Japan-Korea

Ⅰ. Introduction 2

Ⅱ. A Common Currency for Northeast Asia?: A Structural VAR Approach 4
      1. Methodology 
      2. Data, Estimation, and Results

Ⅲ. Candidates for an OCA in Northeast Asia?: A Generalized-PPP Approach 14
      1. Methodology
      2.The Test of Common Trends and an OCA in Northeast Asia

Ⅳ. A Viable Option for Northeast Asia - China, Japan and Korea 22
      1. Regional Inflation Targeting with a Floating Exchange Rate Regime
      2. A Further Move beyond the Chiang Mai Initiative

Ⅴ. Conclusion 29