Asian Monetary Integration
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Author | : Ulrich Volz |
Publisher | : MIT Press |
Total Pages | : 339 |
Release | : 2010 |
Genre | : East Asia |
ISBN | : 0262013991 |
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 | : Woosik Moon |
Publisher | : Edward Elgar Publishing |
Total Pages | : 241 |
Release | : 2012 |
Genre | : Business & Economics |
ISBN | : 1781009155 |
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 | : Kōichi Hamada |
Publisher | : Edward Elgar Pub |
Total Pages | : 409 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : 9781848443631 |
'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
Author | : Michael Devereux |
Publisher | : Routledge |
Total Pages | : 340 |
Release | : 2011-05-03 |
Genre | : Business & Economics |
ISBN | : 1136847618 |
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 | : Yung Chul Park |
Publisher | : Oxford University Press |
Total Pages | : 190 |
Release | : 2010-07 |
Genre | : Business & Economics |
ISBN | : 0199587124 |
The book analyses the Asian experience from both Asian and European perspectives.
Author | : Tharman Shanmugaratnam |
Publisher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 2006-11-14 |
Genre | : Business & Economics |
ISBN | : 1451980817 |
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 | : Kyŏng-t'ae Yi |
Publisher | : KIEP |
Total Pages | : 68 |
Release | : 2007 |
Genre | : East Asia |
ISBN | : |
Author | : Duck-Koo Chung |
Publisher | : Rowman & Littlefield |
Total Pages | : 176 |
Release | : 2007-05-01 |
Genre | : Business & Economics |
ISBN | : 0815714181 |
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 |
Total Pages | : 40 |
Release | : 2006-08-31 |
Genre | : Business & Economics |
ISBN | : 1451980744 |
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 | : Carsten Hefeker |
Publisher | : |
Total Pages | : 44 |
Release | : 2002 |
Genre | : |
ISBN | : |