Monetary And Financial Integration In East Asia Volume 1

Author : Asian Development Bank
Publisher : Palgrave Macmillan
Page : 207 pages
File Size : 53,8 Mb
Release : 2004-03-04
Category : Business & Economics
ISBN : 1403918821

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Monetary and Financial Integration in East Asia, Volume 1 by Asian Development Bank Pdf

Since the 1997 Asian financial crisis, countries in East Asia have made efforts to promote regional monetary and financial cooperation to complement the evolving international financial architecture. This increased interest in regional monetary and financial cooperation has resulted in several initiatives - the ASEAN Surveillance Process, the ASEAN+3 Finance Ministers Process including its Chiang Mai Initiative of 2000, the Manila Framework Group and the Asia-Europe Finance Ministers Process to name a few. These developments in some ways represent a significant break from the past. Going forward the key challenge is how to set priorites and sequence developments so as to smooth the path to a new regional financial architecture. This two-volume set takes up the issue of developing a road map of policy options, both at the regional and country levels, for carrying forward the ongoing efforts in monetary and financial cooperation in East Asia. Building on a series of core reports and background papers by eminent economists and policymakers around the world commissioned under an ADB technical assistance project, the books explore what is feasible and desirable in regional monetary and financial cooperation and lays out a road map for putting the concept into action over the next several years. Volume 1 contains an overview by Peter Montiel, and three core studies by Olam Chaipravat, Eric Girardin, and Takatoshi Ito and Yung-Chul Park. Volume 2 contains background papers by Robert J. Barro; Elbliog‚onore Boiscuvier and Alfred Steinherr; Barry Eichengreen; Jeffrey A. Frankel; Eric Girardin; Jong-Wha Lee; Yung-Chul Park and Kwanho Shin; Ronald McKinnon; Eiji Ogawa, Takatoshi Ito, and Yuri Nagataki Sasaki; Ramkishen Rajan and Reza Siregar; Yunjong Wang and Wing Thye Woo; and Charles Wyplosz. The volumes and the study on which they were based were conceptualized, supervised, and coordinated by Pradumna B. Rana and Srinivasa Madhur.

Author : Yung Chul Park,Charles Wyplosz
Publisher : OUP Oxford
Page : 192 pages
File Size : 41,8 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 : Koichi Hamada,Beate Reszat,Ulrich Volz
Publisher : Edward Elgar Publishing
Page : 423 pages
File Size : 43,8 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 : Shandre M. Thangavelu,Aekapol Chongvilaivan
Publisher : Routledge
Page : 225 pages
File Size : 41,8 Mb
Release : 2012-10-02
Category : Business & Economics
ISBN : 9781136251726

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Real and Financial Integration in Asia by Shandre M. Thangavelu,Aekapol Chongvilaivan Pdf

This book investigates the impact of both real and financial integration to growth and to welfare, and to enquire whether increases in either or both forms build the linkage between the real and financial economy. It contributes to the following two areas: (1) Research of economic developments in East Asia, the most dynamic and populous region in the world, in itself is important for researchers, policy makers, journalists, business people and others. East Asia’s economic developments influence peoples’ lives not only in East Asia but also in other parts of the world. (2) Many aspects of East Asian experiences in economic development are unique, making research of East Asia attractive and important to discern mechanisms of economic development. The first part of this study begins with chapters that address the measurement of regional integration compared with the engagement with the global economy and how this influences the aggregate behavior of the economies. The second part turns to consideration of the financial sector and the efficiency and performance of banking in the region. This allows a discussion whether, in the current crisis, the banking sector was an important channel of financial shock into real behavior. The third part turns to the corporate sector. Using data on firms, type of finance used by firms, its impact on their performance, and ownership structure influence over the productivity growth are discussed. Based on the findings, the book presents several policy recommendation and future research agenda for further economic integration in East Asia.

Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 54,8 Mb
Release : 2005
Category : Electronic
ISBN : OCLC:500121619

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Monetary and financial integration in East Asia by Anonim Pdf

Author : Gordon de Brouwer
Publisher : Cambridge University Press
Page : 304 pages
File Size : 47,5 Mb
Release : 1999-09-27
Category : Business & Economics
ISBN : 0521651484

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Financial Integration in East Asia by Gordon de Brouwer Pdf

This book examines the theory and practice of financial integration, with an emphasis on the recent upheavals in Asian financial markets.

Author : Development Bank Asian
Publisher : Unknown
Page : 128 pages
File Size : 46,5 Mb
Release : 2005-04
Category : Electronic
ISBN : 1403934053

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Monetary and Financial Integration in East Asia: The Way Ahead: Volume 1 and 2 by Development Bank Asian Pdf

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 : 51,7 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 : Woosik Moon,Yeongseop Rhee
Publisher : Edward Elgar Publishing
Page : 241 pages
File Size : 47,8 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 : Masahiro Kawai,Yung Chul Park,Charles Wyplosz
Publisher : OUP Oxford
Page : 240 pages
File Size : 55,7 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 : Ulrich Volz
Publisher : MIT Press
Page : 339 pages
File Size : 53,5 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 : Duck-Koo Chung,Barry J. Eichengreen
Publisher : World Scientific
Page : 190 pages
File Size : 42,6 Mb
Release : 2009
Category : Political Science
ISBN : 9789814271547

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Fostering Monetary & Financial Cooperation in East Asia by Duck-Koo Chung,Barry J. Eichengreen Pdf

Since the Asian financial crisis of 1997OCo1998, there has been a deep and abiding desire on the part of Asian policy makers and opinion makers to enhance the region''s economic, monetary and financial self-sufficiency OCo or at least to ring-fence the region against financial instability and give it a louder voice in global financial affairs. There has been progress in these directions, notably in the form of the Chiang Mai Initiative of financial supports and the Asian Bond Market Initiative to build a single Asian financial market. But progress is hindered by disagreements among the principal national governments OCo Japan, China and South Korea OCo and resistance to the development of an Asian bloc from both Europe and the United States. This volume considers these issues from a number of different national and analytical perspectives. Scholars from all the relevant regions and countries are represented: Japan, China, Korea, Europe and the United States. While there have been a few previous books and articles concerned with the issue of Asian integration, this is one of the first volumes to successfully draw together top contributors from these different countries and regions to address the issues in a rigorous but relatively accessible way.

Author : Takatoshi Ito,Anne O. Krueger
Publisher : University of Chicago Press
Page : 416 pages
File Size : 46,9 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226386959

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Financial Deregulation and Integration in East Asia by Takatoshi Ito,Anne O. Krueger Pdf

The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.

Author : C. H. Kwan
Publisher : Unknown
Page : 244 pages
File Size : 52,6 Mb
Release : 2001
Category : Business & Economics
ISBN : STANFORD:36105110316606

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Yen Bloc by C. H. Kwan Pdf

" In this important new book, C.H. Kwan asks whether the Japanese yen can, or will, replace the dollar as the key currency in East Asia. Kwan analyzes the implications for Japan and Asia's developing countries should they come together to form a yen bloc--a grouping of countries that use the yen as an international currency and maintain stable exchange rates against the yen. Combining academic analysis with his experience advising the Japanese prime minister and the Japanese minister of finance, Kwan concludes that a yen bloc might benefit Asia's developing countries--as well as Japan--while contributing to a more stable international monetary order. Kwan's book represents the first attempt to explore systematically the possibility of monetary integration in Asia. It also provides a vision for regional integration in Asia in the twenty-first century. "

Author : Anonim
Publisher : KIEP
Page : 398 pages
File Size : 45,8 Mb
Release : 2003
Category : East Asia
ISBN : UVA:X004781670

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Financial Development and Integration in East Asia by Anonim Pdf

This volume is the outcome of joint research by the Korea Institute for International Economic Policy and the Policy Research Institute of the Ministry of Finance of Japan. It identifies major issues related to regional financial integration and development and provides comprehensive analyses, policy implications, and recommendations. The volume comprises the papers presented at the conference on Financial Integration and Development in East Asia, held on 19-20 September 2003, in Seoul, Korea.