Asian Monetary Integration
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Asian Monetary Integration
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Author : Woosik Moon
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012
Asian Monetary Integration written by Woosik Moon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
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.
Asian Monetary Integration
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Author : Tharman Shanmugaratnam
language : en
Publisher: International Monetary Fund
Release Date : 2006-11-14
Asian Monetary Integration written by Tharman Shanmugaratnam and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-14 with Business & Economics categories.
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.
Towards Monetary And Financial Integration In East Asia
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Author : Koichi Hamada
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
Towards Monetary And Financial Integration In East Asia written by Koichi Hamada and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
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.
A Roadmap For East Asian Monetary Integration
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Author : Kyŏng-t'ae Yi
language : en
Publisher: KIEP
Release Date : 2007
A Roadmap For East Asian Monetary Integration written by Kyŏng-t'ae Yi and has been published by KIEP this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with East Asia categories.
Monetary And Financial Integration In East Asia
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Author : Yung Chul Park
language : en
Publisher: OUP Oxford
Release Date : 2010-07-01
Monetary And Financial Integration In East Asia written by Yung Chul Park and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.
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.
Yen Or Yuan
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Author : Carsten Hefeker
language : en
Publisher:
Release Date : 2002
Yen Or Yuan written by Carsten Hefeker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Toward An East Asian Exchange Rate Regime
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Author : Duck-Koo Chung
language : en
Publisher: Rowman & Littlefield
Release Date : 2007-05-01
Toward An East Asian Exchange Rate Regime written by Duck-Koo Chung and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-01 with Business & Economics categories.
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).
The Per Jacobsson Lecture
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2006-08-31
The Per Jacobsson Lecture written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-31 with Business & Economics categories.
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.
The Dynamics Of Asian Financial Integration
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Author : Michael Devereux
language : en
Publisher: Taylor & Francis
Release Date : 2011-05-03
The Dynamics Of Asian Financial Integration written by Michael Devereux and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-03 with Business & Economics categories.
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.
East Asia S Monetary Future
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Author : Suthiphand Chirathivat
language : en
Publisher: Edward Elgar Publishing
Release Date : 2005-01-01
East Asia S Monetary Future written by Suthiphand Chirathivat and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-01 with Business & Economics categories.
Leading scholars from East Asia, Europe and the US contribute 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.