Towards monetary and financial integration in East Asia

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Bibliographic Information

Towards monetary and financial integration in East Asia

edited by Koichi Hamada, Beate Reszat, Ulrich Volz

E. Elgar, 2009

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Includes bibliographical references and index

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Description

This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world's most dynamic region. With contributions from distinguished experts this timely book evaluates the economic and politico-economic arguments and conditions for monetary and financial integration in East Asia. It explores how and to what extent the countries of the region can integrate despite their heterogeneity and their underlying political tensions. Drawing on the European experiences, this book analyzes the economic logic of monetary and financial integration in East Asia and its political feasibility. This invaluable broad analysis will be of interest to academic researchers, students, policy-makers and professional economists working on matters of international economic cooperation, common currency areas, international open economy macroeconomics, and East Asian integration.

Table of Contents

Contents: Foreword Richard N. Cooper Introduction: Prospects for Monetary and Financial Integration in East Asia - Dreams and Dilemmas Koichi Hamada, Beate Reszat and Ulrich Volz PART I: THE POLITICAL ECONOMY OF REGIONAL INTEGRATION 1. The ASEAN Economic Community and the European Experience Michael G. Plummer and Reid W. Click 2. The Political Economy of European Economic and Monetary Union Negotiations and Implications for East Asia Heungchong Kim 3. International Political Conflicts and Economic Integration Koichi Hamada and Inpyo Lee PART II: DEVELOPING BOND MARKETS IN EAST ASIA 4. Learning by Doing in Market Reform: Lessons from a Regional Bond Fund Guonan Ma and Eli Remolona 5. Currency Denomination in Asian Bond Markets Eiji Ogawa and Junko Shimizu PART III: EXCHANGE RATE POLICIES IN EAST ASIA: THE ROLE OF THE DOLLAR 6. East Asia's Role in the Revived Bretton Woods System Michael P. Dooley, David Folkerts-Landau and Peter Garber 7. Current Account Surpluses and Conflicted Virtue in East Asia: China and Japan under the Dollar Standard Ronald McKinnon and Gunther Schnabl PART IV: TOWARD MONETARY INTEGRATION IN EAST ASIA? 8. Three Cases for Monetary Integration in East Asia Ulrich Volz 9. Monetary and Exchange Rate Policy Coordination in ASEAN+1 William H. Branson and Conor N. Healy PART V: CURRENCY BASKETS FOR EAST ASIA? 10. Capital Markets and Exchange Rate Stabilization in East Asia: Diversifying Risk Based on Currency Baskets Gunther Schnabl 11. Asian Currency Baskets John Williamson 12. The Role of an Asian Currency Unit Masahiro Kawai PART VI: THE ROLE OF CHINA 13. The Illusion of Precision and the Role of the Renminbi in Regional Integration Yin-Wong Cheung, Menzie D. Chinn and Eiji Fujii 14. Institutional and Structural Problems of China's Foreign Exchange Market and the RMB's Role in East Asia Zhang Jikang and Liang Yuanyuan Index

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