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Paper Title: Monetary Union Puzzle:
The case of South Asian Region
Abstract:
 
The primary purpose of the study was to examine the possibility of SAARC Monetary union on the basis of financial integration between the major money markets in the SAARC region. To investigate the extent of financial integration in the region, our study sample constituted of four major money markets of Pakistan, India, Bangladesh and Sri Lanka. In order to estimate the underlying relationship, we used different robust time series techniques such as JJ-Co- integration test, Granger causality test, Impulse response functions (IRF) and Variance decomposition Analysis (VDC). We have utilized call money rate for India, Sri Lanka and Bangladesh and interbank rate for Pakistan as proxy of financial integration between the countries. The study utilized monthly data from 2007 to mid-2015 for the data analysis. The results of the study indicate the bi-directional causal relationship among Pakistan, India and Sri Lanka. Additionally, our results also reveal lack of robust financial arrangements to formulate monetary union in the SAARC region.

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