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What is the research gap in the relationship between regional economic integration and monetary policy?

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The research gap in the relationship between regional economic integration and monetary policy lies in the need for further exploration of how different forms of regional monetary cooperation impact macroeconomic volatility and shock absorption for developing countries and emerging markets . While regional monetary cooperation can enhance shock buffering by providing short-term liquidity and increasing regional trade links, the level of policy coordination required varies depending on the chosen form of cooperation . Additionally, there is a reluctance in many regions to fully integrate due to concerns about sharing policy sovereignty and uncertainty regarding individual gains from deeper integration . This gap highlights the complexity of balancing national economic policies with regional cooperation efforts to achieve effective monetary policy outcomes within integrated regions.

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Open access•Journal Article•DOI Regional Economic Integration and Its Impact on Income Distribution and the Poverty Level: The Case of the WAEMU Zone Claire Emilienne Wati Yameogo, Joseph Ayoola Omojolaibi - Show less +1 more 01 Jun 2022-Quaestiones Geographicae 1 Citations	Not addressed in the paper.
Book Chapter•DOI Regional Monetary Cooperation in the Developing World Taking Stock 01 Jan 2022	The research highlights challenges in regional monetary cooperation due to reluctance in sharing policy sovereignty, hindering deeper integration and posing a gap in regional economic integration and monetary policy.
Open access•Journal Article•DOI The regional effects of monetary policy: a survey of the empirical literature Helena Domínguez-Torres, Luis Ángel Hierro - Show less +1 more 01 Apr 2019-Journal of Economic Surveys 16 Citations	Research identifies gaps in understanding regional effects of monetary policy due to diverging estimates, inconclusive evidence, and unexplored sources of regional heterogeneity, highlighting areas for further investigation.
Open access•Posted Content The Effect of Regional Economic Conditions on U.S. Monetary Policy Paul J. Pieper, Sang-In Hwang - Show less +1 more 21 Feb 2018-Social Science Research Network	The research paper focuses on how district unemployment influences Regional Bank Presidents' dissent in U.S. monetary policy decisions, indicating a gap in studying the impact of regional economic conditions on policy-making.
Book Chapter•DOI Regional Monetary Cooperation in Emerging, Transition, and Developing Economies Barbara Fritz, Laurissa Mühlich - Show less +1 more 01 Jan 2015	The research paper highlights the varying forms of regional monetary cooperation in developing economies, emphasizing the potential for enhancing shock buffering through short-term liquidity and increased trade links.

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How does regional economic shock impact monetary policy?4 answersRegional economic shocks can significantly influence the impact of monetary policy. Studies on Indonesian provinces reveal that the responses of regional output gaps to monetary policy shocks vary across regions, influenced by factors like economic structure, financial depth, economic size, and trade openness. Additionally, the effectiveness of monetary policy on inflation rates across provinces is shaped by regional economic structures such as the share of manufacturing, mining, bank lending, and exports to GDP, as well as spatial inflation externality. These findings underscore the importance of considering regional economic characteristics when designing and implementing monetary policy measures to ensure their efficacy and relevance at the subnational level.

How does regional integration impact economic inequality within countries?4 answersRegional economic integration (REI) plays a significant role in shaping economic inequality within countries. Studies across different regions like West Africa, Europe, and ASEAN countries highlight various impacts of integration on income distribution. Research indicates that REI can lead to both reduced income inequalityand increased spatial inequality. While some findings suggest that deeper integration may exacerbate gross income inequality, others emphasize that trade integration can effectively improve income distribution. Moreover, the distribution of gains from integration can influence individuals' support for such policies, with unequally distributed welfare gains potentially undermining integration. Therefore, understanding the diverse effects of regional integration on economic inequality is crucial for policymakers to design inclusive strategies that mitigate disparities and promote sustainable development.

What is the rationale of the relationship between economic integration and monetary policy coordination?4 answersThe relationship between economic integration and monetary policy coordination is crucial due to the complexities and trade-offs it introduces. Economic integration can enhance welfare but also complicate policy decisions, especially with significant capital flows. Monetary policy coordination within integration unions, like the Eurasian Economic Union, is essential for stimulating investment and economic growth. This coordination involves aligning central banks' policies to positively impact supply and demand in integrated markets. Additionally, the harmonization of macroeconomic policies, including fiscal and monetary rules, plays a vital role in regulating the economy and fostering growth. The asymmetry between monetary and economic integration, as seen in the European Monetary Union, underscores the need for strategic and forward-thinking policy decisions to ensure effective coordination.

How does new regionalism impact economic development and integration within and between regions?5 answersNew regionalism, characterized by deep integration processes and extra-regional effects, plays a crucial role in shaping economic development and integration within and between regions. It represents a shift towards a more comprehensive approach to globalization and multipolarity, fostering strategic, political, and economic cooperation among countries. While classic integration theories face challenges in analyzing new regional organizations, regions like East Asia, particularly ASEAN, have emerged as key players in promoting regionalism. The formation of agreements like the Regional Comprehensive Economic Partnership (RCEP) signifies a departure from traditional models, reducing complexities in trade agreements and promoting general trade rules. This new approach to regionalism emphasizes the importance of sectoral shifts, diversified economies, and productivity growth as means to development within regions.

How does economic regional integration affect the economies of member states?4 answersEconomic regional integration has a significant impact on the economies of member states. The integration process promotes trade creation and economic growth. However, the level of economic integration achieved may vary. In the case of the Eurasian Economic Union (EAEU), it functions mainly as a free trade area rather than achieving broader objectives of regional integration. Regional economic integration can also lead to benefits such as strengthening macroeconomic policies, preferential trade agreements, and increased foreign direct investment and labor force. Additionally, trade facilitation plays a crucial role in promoting intra-regional manufacturing exports, and economic integration significantly contributes to trade facilitation in member states. While economic benefits are important, regional integration aims to respond to the changing global order and strengthen member states' international position.

What are the major economic obstacles to regional integration in Africa?5 answersThe major economic obstacles to regional integration in Africa include the lack of global integration and underdevelopment in the continent. The negative impact of sanctions and rising global prices on imports has also hindered economic integration in Africa. Additionally, the influence of former colonial powers and the behavior of certain African Heads of State have slowed down the process of integration. Political instability, conflicts, overlapping membership, and weak infrastructure are further challenges for regional integration in East Africa. The artificial and arbitrary borders created during the colonial era have also contributed to wars, conflicts, and stifled economic and social development in Africa.

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