Prospects for Monetary Cooperation and Integration in East Asia
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| Title: | Prospects for Monetary Cooperation and Integration in East Asia |
|---|---|
| Description: | An investigation into monetary cooperation in East Asia that examines options ranging from informal policy coordination to the introduction of a common currency.East Asian countries were notably uninterested in regional monetary integration until the late 1990s, 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. Volz points out that monetary cooperation can be defined broadly to include options ranging from informal policy consultations to European-style monetary union. He recommends a gradual approach toward monetary integration in East Asia, one that pursues less extensive forms of monetary cooperation before tackling such highly challenging projects as a regional exchange rate system or a regional monetary union. The simpler, less demanding forms of policy coordination would, Volz argues, allow East Asian countries to develop an integrationist spirit and gain experience in cooperation. Monetary integration is not an end in itself, Volz reminds us, but a means to promote economic and financial development and create a stable macroeconomic environment that is conducive to investment and growth. After providing an in-depth analysis of the costs and benefits of monetary integration, Volz examines different options for East Asian countries. He then proposes a strategy whereby countries first opt for a managed float of exchange rates guided by a regional currency basket into which an “Asian currency unit” is introduced as a virtual parallel currency to circulate alongside national currencies. |
| Authors: | Ulrich Volz |
| Resource Type: | eBook. |
| Subjects: | Monetary unions--East Asia |
| Categories: | BUSINESS & ECONOMICS / Money & Monetary Policy, BUSINESS & ECONOMICS / International / Economics & Trade |
| Database: | eBook Collection (EBSCOhost) |
| FullText | Links: – Type: ebook-pdf Text: Availability: 0 |
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| Items | – Name: Title Label: Title Group: Ti Data: Prospects for Monetary Cooperation and Integration in East Asia – Name: Abstract Label: Description Group: Ab Data: An investigation into monetary cooperation in East Asia that examines options ranging from informal policy coordination to the introduction of a common currency.East Asian countries were notably uninterested in regional monetary integration until the late 1990s, 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. Volz points out that monetary cooperation can be defined broadly to include options ranging from informal policy consultations to European-style monetary union. He recommends a gradual approach toward monetary integration in East Asia, one that pursues less extensive forms of monetary cooperation before tackling such highly challenging projects as a regional exchange rate system or a regional monetary union. The simpler, less demanding forms of policy coordination would, Volz argues, allow East Asian countries to develop an integrationist spirit and gain experience in cooperation. Monetary integration is not an end in itself, Volz reminds us, but a means to promote economic and financial development and create a stable macroeconomic environment that is conducive to investment and growth. After providing an in-depth analysis of the costs and benefits of monetary integration, Volz examines different options for East Asian countries. He then proposes a strategy whereby countries first opt for a managed float of exchange rates guided by a regional currency basket into which an “Asian currency unit” is introduced as a virtual parallel currency to circulate alongside national currencies. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Ulrich+Volz%22">Ulrich Volz</searchLink> – Name: TypePub Label: Resource Type Group: TypPub Data: eBook. – Name: Subject Label: Subjects Group: Su Data: <searchLink fieldCode="DE" term="%22Monetary+unions--East+Asia%22">Monetary unions--East Asia</searchLink> – Name: SubjectBISAC Label: Categories Group: Su Data: <searchLink fieldCode="ZK" term="%22BUSINESS+%26+ECONOMICS+%2F+Money+%26+Monetary+Policy%22">BUSINESS & ECONOMICS / Money & Monetary Policy</searchLink><br /><searchLink fieldCode="ZK" term="%22BUSINESS+%26+ECONOMICS+%2F+International+%2F+Economics+%26+Trade%22">BUSINESS & ECONOMICS / International / Economics & Trade</searchLink> |
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| RecordInfo | BibRecord: BibEntity: Classifications: – Code: 332.4566095 Scheme: ddc Type: prePub Languages: – Code: eng Text: English Subjects: – SubjectFull: Monetary unions--East Asia Type: general Titles: – TitleFull: Prospects for Monetary Cooperation and Integration in East Asia Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Ulrich Volz – PersonEntity: Name: NameFull: Ulrich Volz IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 01 Type: published Y: 2010 – D: 04 M: 02 Type: profile Y: 2014 Identifiers: – Type: isbn-print Value: 9780262013994 – Type: isbn-electronic Value: 9780262265980 Titles: – TitleFull: Prospects for Monetary Cooperation and Integration in East Asia Type: main |
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