Asian Monetary Integration

Author : Woosik Moon,Yeongseop Rhee
Publisher : Edward Elgar Publishing
Page : 241 pages
File Size : 48,9 Mb
Release : 2012
Category : Business & Economics
ISBN : 9781781009154

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Asian Monetary Integration by Woosik Moon,Yeongseop Rhee Pdf

Numerous ideas for monetary and financial cooperation in East Asia have been proposed both within and outside the region since the financial crisis in Asia. Despite this strong level of interest, however, there are few studies that aim to comprehensively address the issue from multiple perspectives. This insightful book redresses the balance and illustrates how East Asian countries plan to take advantage of their rising economic power in rearranging the new international monetary and financial order in the post-crisis era. The expert contributors examine the history, conditions and current efforts towards monetary integration in Asia and explore possible future paths, highlighting the roles and perspectives of East Asian countries in the integration process. They consider how East Asian economies could establish their own zone of monetary stability, and show that monetary stability cannot be separately addressed from the issues of economic growth and solidarity. Without economic growth and solidarity, there would be no purpose in pursuing monetary integration, therefore all three challenges must be simultaneously addressed. Against this backdrop, the book tackles the issues of East Asian monetary integration underpinned by the broad framework of economic growth and solidarity. Scholars of economics, monetary integration, Asian studies and regionalism will find this book to be an illuminating and thought-provoking read.

Author : Tharman Shanmugaratnam
Publisher : International Monetary Fund
Page : 40 pages
File Size : 49,9 Mb
Release : 2006-11-14
Category : Business & Economics
ISBN : 9781451980813

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Asian Monetary Integration by Tharman Shanmugaratnam Pdf

This paper examines the possibility of Asian monetary integration. The paper highlights that the objectives and motivations behind the continuing debate for Asian monetary integration have now evolved. The objectives are no longer defensive, no longer preoccupied with crisis prevention or resolution. They are now more forward looking; they are about growth, about greater trade integration, about spurring greater cross-border flows of investment within Asia, and about promoting the integration and deepening of financial markets.

Author : Koichi Hamada,Beate Reszat,Ulrich Volz
Publisher : Edward Elgar Publishing
Page : 423 pages
File Size : 55,9 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9781848447349

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Towards Monetary and Financial Integration in East Asia by Koichi Hamada,Beate Reszat,Ulrich Volz Pdf

Towards Monetary and Financial Integration in East Asia is an important book. East Asia, led by China, has been and will continue to be the largest, most rapidly growing region in the world. Major global imbalances persist, with East Asia in large surplus. Yet East Asian financial and monetary integration is only in the early stages of what will necessarily be a long-run process. These 14 essays by different authors address, in six Parts, fundamental long-run issues and prospects. These include the development of a regional financial architecture, liquidity provision and crisis management, surveillance mechanisms, exchange rate arrangements, currency baskets, an Asian Currency Unit, and ultimately even a single currency. The implications of the rise of China and the role of Japan underlie much of these analyses. However imperfect, the EU is the dominant relevant experience for East Asian financial and monetary integration. It is important to understand, as the authors do, that it took 47 years from the EU s nascent founding to the establishment of the euro, and that economic integration has preceded political integration. This book importantly addresses such basic issues in this time frame and with an appreciation of the political economy difficulties of financial integration. Hugh Patrick, Columbia University, US The book edited by Professors Hamada, Reszat, and Volz gives a comprehensive overview of the current status and challenges of economic integration in East Asia. Monetary and financial integration in East Asia has proceeded gradually but steadily since the Asian financial crisis of 1997 98. The book is an authoritative cutting-edge collection of papers in respective topics which brings the reader to the frontier of the literature. Takatoshi Ito, University of Tokyo, Japan This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world s most dynamic region. With contributions from distinguished experts this timely book evaluates the economic and politico-economic arguments and conditions for monetary and financial integration in East Asia. It explores how and to what extent the countries of the region can integrate despite their heterogeneity and their underlying political tensions. Drawing on the European experiences, this book analyzes the economic logic of monetary and financial integration in East Asia and its political feasibility. This invaluable broad analysis will be of interest to academic researchers, students, policy-makers and professional economists working on matters of international economic cooperation, common currency areas, international open economy macroeconomics, and East Asian integration.

Author : Kyŏng-t'ae Yi
Publisher : KIEP
Page : 68 pages
File Size : 52,9 Mb
Release : 2007
Category : East Asia
ISBN : STANFORD:36105123916905

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A Roadmap for East Asian Monetary Integration by Kyŏng-t'ae Yi Pdf

Author : Yung Chul Park,Charles Wyplosz
Publisher : OUP Oxford
Page : 192 pages
File Size : 47,8 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9780191582929

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Monetary and Financial Integration in East Asia by Yung Chul Park,Charles Wyplosz Pdf

This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia.

Author : Carsten Hefeker
Publisher : Unknown
Page : 44 pages
File Size : 46,5 Mb
Release : 2002
Category : Electronic
ISBN : UCSD:31822032034548

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Yen Or Yuan? by Carsten Hefeker Pdf

Author : Duck-Koo Chung,Barry Eichengreen
Publisher : Rowman & Littlefield
Page : 176 pages
File Size : 50,7 Mb
Release : 2007-05-01
Category : Business & Economics
ISBN : 9780815714187

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Toward an East Asian Exchange Rate Regime by Duck-Koo Chung,Barry Eichengreen Pdf

East Asian exchange rates have become a global flashpoint. U.S. policymakers blame artificially low Asian currency values for global imbalances, including America's ballooning current account deficit. The solution, they argue, lies in some combination of greater exchange rate flexibility and the appreciation of Asian currencies against the dollar. Asian officials recognize the need to let their exchange rates rise, but they fear that would hamper growth and cut sharply into the value of their dollar reserves. Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States. The introduction reviews the issues at stake, sketches a variety of proposed exchange rate regimes, and discusses comparisons between East Asia and the West. Subsequent chapters examine the connection between global financial imbalances and East Asian monetary cooperation, China's potential role in regional coordination, the relationship between monetary and trade integration, and different paths toward regional cooperation. Authoritative yet concise, this is an essential primer on East Asian monetary integration. Contributors include Gongpil Choi (Korean Institute of Finance, Federal Reserve Bank of San Francisco), Masahiro Kawai (University of Tokyo, Asian Development Bank), Kwanho Shin (Korea University), Yunjong Wang (SK Institute), Masaru Yoshitomi (RIETI,Tokyo), and Yongding Yu (Chinese Academy of Social Sciences).

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 40 pages
File Size : 52,9 Mb
Release : 2006-08-31
Category : Business & Economics
ISBN : 9781451980745

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The Per Jacobsson Lecture by International Monetary Fund Pdf

This paper discusses the need for Asian Monetary Integration. The original motivation for proposals for Asian monetary Integration had to do with a desire to reduce Asia’s susceptibility to shocks, particularly financial shocks. There was also a broader sense that Asia had to be more self-reliant and gain fuller control over its destiny. The objectives are about growth, about greater trade integration, about spurring greater cross-border flows of investment within Asia, and about promoting the integration and deepening of financial markets. This paper highlights that financial market integration has lagged substantially behind trade integration, and this is why Asian saving surpluses are intermediated largely through financial markets outside Asia.

Author : Ulrich Volz
Publisher : MIT Press
Page : 339 pages
File Size : 44,5 Mb
Release : 2010
Category : East Asia
ISBN : 9780262013994

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Prospects for Monetary Cooperation and Integration in East Asia by Ulrich Volz Pdf

East Asian countries were notably uninterested in regional monetary integration until the late 1990's, when the Asian financial crisis revealed the fragility of the region's exchange rate arrangements and highlighted the need for a stronger regional financial architecture. Since then, the countries of East Asia have begun taking steps to explore monetary and financial cooperation, establishing such initiatives as regular consultations among finance ministers and central bank governors and the pooling of foreign exchange reserves. In this book Ulrich Volz investigates the prospects for monetary cooperation and integration in East Asia, using state-of-the-art theoretical and empirical tools to analyze the most promising policy options. --

Author : Raul V. Fabella
Publisher : Unknown
Page : 70 pages
File Size : 49,8 Mb
Release : 2002
Category : Foreign exchange rates
ISBN : UCSD:31822032281404

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Monetary Cooperation in East Asia by Raul V. Fabella Pdf

Surveys the growing literature on monetary cooperation in East Asia (EA) that goes beyond the Chiang Mai Initiative. It compares and contrasts the various proposals for cooperation such as the Williamson basket peg, the Asian monetary system, and the yen block as to their crisis prevention impact and their feasibility, both economic and political. Also reviews the evidence on the readiness of EA and some of its proper subsets for a currency union in the light of experiences elsewhere, especially of European monetary cooperation. Chapters: currency unions and the European Monetary Union; current exchange rate regime and monetary cooperation in EA; proposals for monetary and exchange rate cooperation in EA; and costs and benefits of a monetary union in EA.

Author : Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei
Publisher : Taylor & Francis
Page : 342 pages
File Size : 40,9 Mb
Release : 2011-05-03
Category : Business & Economics
ISBN : 9781136847622

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The Dynamics of Asian Financial Integration by Michael Devereux,Research Fellow at the Institute for Fiscal Studies London Professor of Finance Department of Economics Michael Devereux,Philip R Lane,Cyn-Young Park,Shang-Jin Wei Pdf

The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.

Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 49,8 Mb
Release : 2024-06-16
Category : Electronic
ISBN : 9789814468183

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Fostering Monetary and Financial Cooperation in East Asia by Anonim Pdf

Author : Barry Julian EICHENGREEN
Publisher : Unknown
Page : 44 pages
File Size : 42,9 Mb
Release : 1996
Category : East Asia
ISBN : UCSD:31822023572787

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Is Asia an Optimum Currency Area? by Barry Julian EICHENGREEN Pdf

Author : Masahiro Kawai,Yung Chul Park,Charles Wyplosz
Publisher : OUP Oxford
Page : 240 pages
File Size : 48,7 Mb
Release : 2015-04-02
Category : Business & Economics
ISBN : 9780191023583

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Monetary and Financial Cooperation in East Asia by Masahiro Kawai,Yung Chul Park,Charles Wyplosz Pdf

The global financial crisis and the Eurozone crisis have led to a profound rethink in East Asia about the international monetary system and regional monetary and financial integration. After the East Asian crisis of 1997, deeper regional cooperation was seen as the way to avoid reliance on the IMF and the rest of the world. Steps were taken, but they were limited because of disagreements reflecting regional rivalries. Still, integration into the global financial system and Europe's regional process were seen as objectives to be adapted to East Asia, as detailed in an overview chapter. The crises have shaken this strategy but also revealed the pre-existing deep disagreements. This book presents contributions by scholars from different countries. Each one was invited to describe the vision of their policymakers. The traidtional rivalry between China and Japan, the region's largest economies, reveals Chinese confidence into its rising power and Japanese growing doubts about its ability to weigh on the debate. For opposite reasons, both display a declining interest into regional cooperation. Korea and the ASEAN countries do not wish to choose between the regional powers but remain attached to regional cooperation and integration. They look for pragmatic solutions that recognize the value-chain characteristic of trade. Additional contributions by US and European scholars provide evaluations of the global and Eurozone crises and of their relevance for East Asian integration.

Author : Suthiphand Chirathivat,Emil Maria Claassen,Jürgen Schröder
Publisher : Edward Elgar Publishing
Page : 270 pages
File Size : 45,7 Mb
Release : 2004
Category : Business & Economics
ISBN : UCSD:31822034176594

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East Asia's Monetary Future by Suthiphand Chirathivat,Emil Maria Claassen,Jürgen Schröder Pdf

East Asia's Monetary Future is an illuminating and valuable work which uniquely focuses on a long-term monetary view of the region. There are multiple and varied future scenarios which can be applied to this region - an enlarged Singapore-Brunei currency area, a greater China monetary bloc and even a Northeast Asian bloc comprising Japan and Korea. Leading scholars from East Asia, Europe and the US contribute valuable new insights to the key questions facing the organization and future of the monetary system in East Asia. Central questions discussed and analysed in the book include, amongst others: should the region move towards monetary union? Should countries peg their exchange rates to the US dollar? Is complete dollarization an option for East Asia? The authors argue that, having realized price stability over the last twenty years, in contrast to Latin America and Africa, the next logical step would be the gradual formation of various currency blocs within the region. This comprehensive discussion of the fundamental issues at stake will ensure the book's appeal to academics and researchers of Asian studies and financial economics. Financial experts working in this area and policymakers will also find much of interest to them within this book.