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This study analyzes the impact of the choice of monetary regimes, namely the inflation targeting (IT) and exchange rate targeting (ERT) on the behavior of bilateral trade in ASEAN-5 Countries and their main trading partners in Asia Pacific. By utilizing the augmented gravity panel model, the study also considers the effects of distance, national income, exchange rates, common language and dummy intra-ASEAN trade on trade activities. The results showed that countries which implement an inflation targeting regime tend to have greater trade values compared to countries that implement an exchange rate targeting regime. The negative effects on bilateral trade are seen to be contributed by the variable of distance, exchange rate, common language and intra-ASEAN trade. While the income variable has a positive and significant effect on the trade. Keywords—bilateral trade, monetary regime, inflation targeting, exchange rate targeting, gravity model

Bilateral Trade and Monetary Regime: Analysis for ASEAN-5 Countries and their Main Trading Partners