Fostering Monetary and Financial Cooperation in East Asia

Fostering Monetary and Financial Cooperation in East Asia

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World Scientific Publishing Company, Incorporated

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Fostering Monetary and Financial Cooperation in East Asia

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.

Product Details

ISBN-13: 9789814271530
Publisher: World Scientific Publishing Company, Incorporated
Publication date: 04/29/2009
Series: World Scientific Studies In International Economics Series
Pages: 192
Product dimensions: 6.00(w) x 9.00(h) x 0.70(d)

Table of Contents

Acknowledgments v

List of Figures ix

List of Tables xi

Contributors xiii

1 Introduction Duck-Koo Chung and Barry Eichengreen 1

2 Fostering Monetary and Exchange-Rate Cooperation in East Asia Barry Eichengreen 11

3 The Connections Between Financial and Monetary Cooperation in East Asia Hee-Yul Chai and Deok Ryong Yoon 29

4 Financial Integration and Exchange-Rate Coordination in East Asia Woosik Moon and Yeongseop Rhee 51

5 An Asian Currency Unit for Regional Exchange-Rate Policy Coordination Masahiro Kawai 73

6 Asian Monetary Unification: Lessons from Europe Paul De Grauwe 113

7 Managing Foreign Exchange Reserves: The Case of China Yu Yongding 127

8 The Integration Process in East Asia: Japan's Experience and Policy Agenda Motoshige Itoh 147

References 163

Index 171

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