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Author : Kiyotaka Sato
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (969 download)
Download or read book Shocking Aspects of East Asian Monetary Integration written by Kiyotaka Sato and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yung Chul Park
Publisher : OUP Oxford
ISBN 13 : 0191582921
Total Pages : 192 pages
Book Rating : 4.1/5 (915 download)
Download or read book Monetary and Financial Integration in East Asia written by Yung Chul Park and published by OUP Oxford. This book was released on 2010-07-01 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Woosik Moon
Publisher : Edward Elgar Publishing
ISBN 13 : 1781009155
Total Pages : 241 pages
Book Rating : 4.7/5 (81 download)
Download or read book Asian Monetary Integration written by Woosik Moon and published by Edward Elgar Publishing. This book was released on 2012 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Koichi Hamada
Publisher : Edward Elgar Publishing
ISBN 13 : 1848447345
Total Pages : 423 pages
Book Rating : 4.8/5 (484 download)
Download or read book Towards Monetary and Financial Integration in East Asia written by Koichi Hamada and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 423 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.F/5 ( download)
Download or read book A Roadmap for East Asian Monetary Integration written by Kyŏng-t'ae Yi and published by KIEP. This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marco Mele
Publisher :
ISBN 13 :
Total Pages : 9 pages
Book Rating : 4.:/5 (13 download)
Download or read book On the East Asian Monetary Union written by Marco Mele and published by . This book was released on 2015 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian financial crisis of 1997, progressive economic integration into the world system of countries such as China and India, the introduction of the euro in the European continent and the most recent financial crisis of “subprime” mortgages, collectively constitute the factors that have contributed over the years to search more and more regulated economic relations between the countries of South-East Asia.The Asian financial crisis of 1997, progressive economic integration into the world system of countries such as China and India, the introduction of the euro in the European continent and the most recent financial crisis of “subprime” mortgages, collectively constitute the factors that have contributed over the years to search more and more regulated economic relations between the countries of South-East Asia. In fact, this kind of trade regionalism, would be enriched and concluded when, following the example of the European Monetary Union, the Pacific Rim countries were united under a single currency (although this situation would result in costs such as-the most important-the reduction of monetary sovereignty in favor of a supra-national organism).The theory that studies by the end of the sixties the costs and benefits of a monetary union is that developed by Robert Mundell-later expanded to other contributions-the “optimum currency areas”. It identifies how the cost for future members of the monetary union is bigger than the increase in the risk of asymmetric shocks and less when they are exposed to the possibility of being subjected to the same or similar shock. The asymmetry is reduced by the degree of trade integration between countries (McKinnon), the level of mobility of labor and possible systems of intra-regional fiscal transfers. This study, examining a specific area of South East Asia, will focus on the symmetry of the structural shocks considering it as a precondition for forming an OCA. In particular, we will carry out a VAR to several variables in order to identify, through the function “impulse-response”, the time required to a hypothetical asymmetric shock to be distributed among all the countries in the area.
Author : Mario B. Lamberte
Publisher :
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.:/5 (318 download)
Download or read book No to Yes? written by Mario B. Lamberte and published by . This book was released on 2001 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Barry Eichengreen
Publisher : World Scientific
ISBN 13 : 9814468185
Total Pages : 190 pages
Book Rating : 4.8/5 (144 download)
Download or read book Fostering Monetary And Financial Cooperation In East Asia written by Barry Eichengreen and published by World Scientific. This book was released on 2009-04-29 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Asian financial crisis of 1997-1998, 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 — 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 — Japan, China and South Korea — 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 : Masahiro Kawai
Publisher : OUP Oxford
ISBN 13 : 0191023582
Total Pages : 255 pages
Book Rating : 4.1/5 (91 download)
Download or read book Monetary and Financial Cooperation in East Asia written by Masahiro Kawai and published by OUP Oxford. This book was released on 2015-04-02 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (129 download)
Download or read book Three Cases for Monetary Integration in East Asia written by Ulrich Volz and published by . This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the arguments for regional monetary cooperation in East Asia. Unlike in Europe, which saw longstanding discussions on the costs and benefits of monetary unification, a proper debate is not yet underway in East Asia. Instead, the quot;classicalquot; European arguments for and against monetary integration are implicitly being adopted, ignoring the different economic backgrounds of East Asian countries. The discussion centers very much on whether East Asia fulfills the optimum currency area criteria. The implications of monetary unification for East Asia have barely been explored. In this context, this paper investigates three cases for pursuing monetary unification in East Asia in the long run. The paper first discusses the potential trade-creating effect of monetary union, an argument that was intensively discussed for Europe in the 1990s. Second, it draws attention to the role of regional monetary integration in overcoming the problems of quot;original sinquot; and quot;conflicted virtuequot;, issues that have been rarely analyzed so far. Finally, the paper highlights the potential for regional monetary integration to be a way of (re)gaining some degrees of monetary independence in the region. None of these cases, however, is sufficiently strong to support monetary union in East Asia on purely economic grounds. The eventual decision to move (or to not move) toward monetary unification will be based on political considerations.
Author : Tae-Joon Kim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (969 download)
Download or read book Costs and Benefits of East Asian Monetary Integration written by Tae-Joon Kim and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yŏng-chʻŏl Pak
Publisher : KIEP
ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.:/5 (318 download)
Download or read book Prospects for Regional Financial and Monetary Integration in East Asia written by Yŏng-chʻŏl Pak and published by KIEP. This book was released on 2006 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Han Gwang Choo
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.F/5 ( download)
Download or read book Currency Union in East Asia written by Han Gwang Choo and published by . This book was released on 2002 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kyung Tae Yi
Publisher :
ISBN 13 : 9788932240268
Total Pages : 47 pages
Book Rating : 4.2/5 (42 download)
Download or read book A Roadmap for East Asian Monetary Integration written by Kyung Tae Yi and published by . This book was released on 2007 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Raul V. Fabella
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (318 download)
Download or read book Monetary Cooperation in East Asia written by Raul V. Fabella and published by . This book was released on 2002 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Tharman Shanmugaratnam
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.F/5 ( download)
Download or read book Asian Monetary Integration written by Tharman Shanmugaratnam and published by International Monetary Fund. This book was released on 2006-11-14 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Ulrich Volz
Publisher : Mit Press
ISBN 13 : 9780262538633
Total Pages : 338 pages
Book Rating : 4.5/5 (386 download)
Download or read book Prospects for Monetary Cooperation and Integration in East Asia written by Ulrich Volz and published by Mit Press. This book was released on 2010-03-23 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation into monetary cooperation in East Asia that examines options ranging from informal policy coordination to the introduction of a common currency. East Asian countries were notably uninterested in regional monetary integration until the late 1990s, 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. Volz points out that monetary cooperation can be defined broadly to include options ranging from informal policy consultations to European-style monetary union. He recommends a gradual approach toward monetary integration in East Asia, one that pursues less extensive forms of monetary cooperation before tackling such highly challenging projects as a regional exchange rate system or a regional monetary union. The simpler, less demanding forms of policy coordination would, Volz argues, allow East Asian countries to develop an integrationist spirit and gain experience in cooperation. Monetary integration is not an end in itself, Volz reminds us, but a means to promote economic and financial development and create a stable macroeconomic environment that is conducive to investment and growth. After providing an in-depth analysis of the costs and benefits of monetary integration, Volz examines different options for East Asian countries. He then proposes a strategy whereby countries first opt for a managed float of exchange rates guided by a regional currency basket into which an "Asian currency unit" is introduced as a virtual parallel currency to circulate alongside national currencies.
