Currency and Contest in East Asia

Currency and Contest in East Asia
Author: William W. Grimes
Publisher:
Total Pages: 248
Release: 2009
Genre: Business & Economics
ISBN: 9780801446894

Grimes uses primary research and interviews with scores of participants and policy analysts to provide the most accurate, complete, and detailed description available of attempts to build financial cooperation among East Asian countries.

Currency and Contest in East Asia

Currency and Contest in East Asia
Author: William M. Grimes
Publisher: Cornell University Press
Total Pages: 265
Release: 2011-03-15
Genre: Political Science
ISBN: 0801457432

Since the Asian Financial Crisis of 1997-98, East Asian economies have sought to make themselves less vulnerable to global financial markets by transforming the regional financial architecture. With Japan as a leading actor, they have introduced initiatives to provide emergency financing to crisis economies, support the development of local-currency bond markets, and better coordinate currency policies. In Currency and Contest in East Asia, William W. Grimes builds on years of primary research and scores of interviews with participants and policy analysts to provide the most accurate, complete, and detailed description available of attempts to build financial cooperation among East Asian countries. Adapting realist political economy theory to the realities of contemporary global finance, Grimes places regional issues firmly in the wider context of great-power rivalries. He argues that financial regionalism can best be understood as one arena for competition among Japan, the United States, and China. Despite their mutual desire for regional prosperity and economic stability, these three powers have conflicting political interests. Their struggles for regional leadership raise questions about the long-term feasibility of regional financial cooperation, the possible effects of Sino-Japanese rivalry on regional financial stability, and the potential for East Asian financial regionalism to undermine the long-established-albeit waning-global and regional dominance of the United States and the dollar.

Book Review

Book Review
Author: Salvador Santino Fulo Jr Regilme
Publisher:
Total Pages: 3
Release: 2013
Genre:
ISBN:

Book Review: Currency and Contest in East Asia: The Great Power Politics of Financial Regionalism by William Grimes (Cornell University Press, 2009).

Currency Cooperation in East Asia

Currency Cooperation in East Asia
Author: Frank Rövekamp
Publisher: Springer
Total Pages: 167
Release: 2014-07-08
Genre: Business & Economics
ISBN: 3319030620

This book explores the opportunities and limits of currency cooperation in East Asia. Currency issues play an important role in the region. The Asian crisis of the late 90s was rooted in deficient currency arrangements. The Chinese RMB is not freely convertible yet, but policymakers in China nevertheless aim for a more international role of the Chinese currency. The recent change of direction in Japanese monetary policy caused a drastic depreciation of the Yen and led to warnings against a possible “currency war”, thus demonstrating that currency issues can also easily lead to political frictions. Most trade in and with the East Asian zone on the other hand is still conducted in US $. Against this background different modes of currency cooperation serve the goal of smoothing exchange rate fluctuations and capital flows. They are an important element to promote financial stability and to reduce the transaction cost for foreign trade or investment. The contributions of this book analyze the environment and design of currency cooperation in East Asia and their effects from a macro-and microeconomic viewpoint.

Monetary and Financial Cooperation in East Asia

Monetary and Financial Cooperation in East Asia
Author: Masahiro Kawai
Publisher: Oxford University Press (UK)
Total Pages: 255
Release: 2015
Genre: Business & Economics
ISBN: 0198714157

This edited volume evaluates the prospects for monetary and financial cooperation in East Asia after the crises in the developed countries (2008 in the US, 2010 in Europe).

East Asia's Monetary Future

East Asia's Monetary Future
Author: Suthiphand Chirathivat
Publisher: Edward Elgar Publishing
Total Pages: 272
Release: 2005-01-01
Genre: Business & Economics
ISBN: 9781845423384

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.

Toward an East Asian Exchange Rate Regime

Toward an East Asian Exchange Rate Regime
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).

Fostering Monetary And Financial Cooperation In East Asia

Fostering Monetary And Financial Cooperation In East Asia
Author: Barry Eichengreen
Publisher: World Scientific
Total Pages: 190
Release: 2009-04-29
Genre: Business & Economics
ISBN: 9814468185

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.