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Australia Australian dollar Average Blackman Coconut common central bank common currency common market Cook Islands Copra Countries Intra-Reg Intra-Reg currency area conditions currency union Demas devaluation Distant Possibility Dohse and Krieger-Boden domestic currency downward flexibility Eastern Caribbean Economic and Monetary economy Soltwedel effective exchange rate euro zone European Union external exchange rate external shocks Fiji and PNG Fiji's fiscal transfers Five FICs free trade area Intra-Reg Intra-Reg Intra-Reg Intra-Reg Intra-Reg Total Intra-Reg Total Trade intra-regional trade Islands and Vanuatu Kenen Kiribati Krieger-Boden 2000 labour mobility main exports Main Merchandise Exports Marshall Islands Masson and Pattillo McKinnon member countries monetary integration monetary union Mundell national currencies Nauru Niue optimal currency area Pacific Island Countries Papua New Guinea Pattillo 2001b real effective exchange root crops Samoa and Tonga single currency single external exchange single monetary policy Solomon Islands South Pacific South Pacific Island T.K. Jayaraman tradable sector Trade arrangements transaction costs Zealand