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Author: Frank Rövekamp
Publisher: Springer
ISBN: 3319030620
Category : Business & Economics
Languages : en
Pages : 166
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Book Description
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.
Author: Frank Rövekamp
Publisher: Springer
ISBN: 3319030620
Category : Business & Economics
Languages : en
Pages : 166
Get Book
Book Description
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.
Author: Frank Rovekamp
Publisher:
ISBN: 9783319030630
Category :
Languages : en
Pages : 176
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Book Description
Author: Masahiro Kawai
Publisher: OUP Oxford
ISBN: 0191023582
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
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:
Publisher:
ISBN: 9814468185
Category :
Languages : en
Pages :
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Book Description
Author: Duck-Koo Chung
Publisher: Rowman & Littlefield
ISBN: 0815714181
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
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: Raul V. Fabella
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 70
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Book Description
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: Ulrich Volz
Publisher: MIT Press
ISBN: 0262013991
Category : East Asia
Languages : en
Pages : 339
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Book Description
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: Sŭng-yŏng Kwak
Publisher: 대외경제정책연구원
ISBN:
Category : East Asia
Languages : en
Pages : 96
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Book Description
Author: Duck-Koo Chung
Publisher: World Scientific
ISBN: 9814271535
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
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. The treatments are rigorous, but nontechnical and accessible. 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: Pradumna B. Rana
Publisher:
ISBN: 9780756737368
Category :
Languages : en
Pages : 65
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Book Description
Three reports together: (1) Monetary & Financial Cooperation in East Asia: The Case for & Against Monetary & Financial Cooperation; Evolving Regional Financial Architecture in East Asia; Beyond the Chiang Mai Initiative: Coordination of Macroeconomic & Exchange Rate Policies. (2) Costs & Benefits of a Common Currency for ASEAN; Perspectives on Optimum Currency Area; The Suitability of ASEAN for a Common Currency; Constraints on the Adoption of a Common Currency. (3) New Economy & the Effects of Industrial Structures on International Equity Market Correlation, by Cyn-Young Park & Jaejoon Woo; Data Description & Correlation Analyses; Econometric Methods & Empirical Results.
