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| 1 |
ID:
098795
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2010.
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| Summary/Abstract |
In recent years, there has been considerable scholarly and policy community attention accorded to comparisons between the EU's monetary integration and attempts to create monetary integration in East Asia. This article examines these attempts in comparative perspective, focusing in particular on the challenges of monetary integration in Asia. After explaining recent development of financial and monetary cooperation initiatives in East Asia, such as Post-Chiang Mai Initiative and the attempt to introduce a Regional Currency Unit (RCU), this article illustrates why it is preferable for East Asia, in its attempt to pursue monetary integration, to follow a path similar to the European experience, rather than to follow alternative paths such as a parallel currency approach or a harmonized inflation targeting. That RCU could in the future be issued by the so-called 'Asian Exchange Rate Stabilization Fund' (AERSF). The AERSF would assure the stability of regional currencies taken as a whole vis-à-vis third currencies, and between themselves as well, and as such, pave the way for full monetary integration in Asia. Comparisons with Europe are explored and implications for European and Asian regionalism are examined.
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| 2 |
ID:
078277
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2007.
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| Summary/Abstract |
This paper presents an empirical investigation on an important policy issue, namely, whether there is any evidence supporting monetary integration between the Chinese mainland and Hong Kong. We follow two lines of inquiry. First, we present a series of simple tests to find the extent to which trade and/or financial linkages exist between the two regions. Second, we use simple inflation and output differentials and structural VAR techniques to test for the degree of business cycle synchronization between the two regions. The results indicate that there is evidence supporting the existence of trade linkages and that there is also support for the possible synchronization of business cycles. We discuss the implications of this for monetary integration between Hong Kong and the mainland.
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| 3 |
ID:
117711
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2012.
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| Summary/Abstract |
This article provides an overview of the current state of financial regionalism in East Asia and discusses why and how the East Asian countries should go forward in terms of financial and monetary regionalism. It highlights intra-regional exchange rate stability as an important regional public good and makes the case for greater exchange rate cooperation. To this end, East Asian countries should gradually reduce their exposure to the US dollar and move towards currency basket regimes which would sustain relative intra-regional exchange rate stability while allowing for sufficient flexibility to accommodate idiosyncratic shocks. Against the backdrop of the global and European financial crisis, the article also urges a reconsideration of the costs and benefits of international - and regional - financial integration and calls for a further strengthening of East Asia's regional financial architecture.
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| 4 |
ID:
136062
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An open border, a pegged exchange rate regime and large trade with India offer Nepal some preconditions to satisfy monetary integration with its southern neighbour. In this study, investigation of the economic symmetry in the two countries is considered. A two-pronged empirical approach reveals inconclusive evidence to satisfy such integration. First, using a three-variable structural vector auto-regression showed a low and negative correlation in the supply shocks. Decomposing the structural shocks into regional and idiosyncratic components showed a favourable co-movement with the regional element only in Nepal’s monetary shock. Second, the business-cycle analysis using state-space models of Nepal’s GDP and its components showed evidence of co-movement with the regional element in some variables while others showed divergence.
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| 5 |
ID:
102434
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2011.
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How do states attempt to mitigate the pressures of financial globalisation? This article suggests that options can be understood in terms of monetary regime choice. These are best understood with their international component included - whether states integrate unilaterally, integrate multilaterally, or go it alone monetarily. But to understand the international side of monetary relations, one must look to domestic political structures, histories and politics. It is important that to understand that within the pressures of the international system, domestic politics is a fons et origo determining the health and stability of international economic relations.
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| 6 |
ID:
088464
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2009.
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| Summary/Abstract |
The 30 years of reform and opening have brought great material progress to China. By becoming a big country, China's actions created huge spillovers on other countries. The result has been a rise in trade tension between China and its trade partners. Recently, some have claimed that China's prolonged large trade surpluses have undermined global financial stability and tilted the world into a deep recession, if not a 1930s-style depression. Others have claimed that the greenhouse gases from China's industrialization would soon cause cataclysmic global climate change. One blunt but effective way to eliminate these negative spillovers is to restrict imports from China. Labor in the rich countries is under considerable stress because of the deep global structural adjustments brought by: (1) the integration of the labor force of China, India and the Soviet bloc into the world economy; and (2) the acceleration of technological innovations (as exemplified by the revolution in information technology). The new global equilibrium could be a win-win outcome for the world but the process of moving to it is a painful one. Protectionism to avoid the transitional pains is, however, likely to end up in a lose-lose outcome for the world. China must therefore, in its own interests, help to reduce international tension by updating its strategy of international economic engagement. China has to go beyond being a passive beneficiary of the WTO system to being an active promoter of WTO objectives. China should work with the US to bring Doha Rounds negotiations to a successful conclusion. China must also play a stronger and more constructive role in the forthcoming international talks on global climate change. China and India are simply too big to be exempted for a long time from national ceilings on the emission of greenhouse gases. China will have to face down its internal political opposition to replace the backward state-controlled financial system with a dynamic, but well-regulated, diversified private financial system in order to eliminate the odd phenomenon of a poor country lending to a rich country. For its neighborhood, China should push for an Asian Economic Union that takes the form of a WTO-plus free trade and open investment area that has regional pooling of foreign exchange reserves. Since there is no prospect of free labor mobility within East Asia, monetary integration would produce an economically inefficient outcome. East Asia should therefore be focusing its energy on creating as large a free trade area as possible, and forgo the unrealistic goal of a common Asian currency.
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