Beyond the dollar and the euro: reshaping the international monetary system through regional monetary cooperation in East Asia
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| Format: | Buch |
| Sprache: | English |
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New Jersey ; London ; Singapore ; Beijing ; Shanghai ; Hong Kong ; Taipei ; Chennai ; Tokyo
World Scientific
[2016]
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| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | xi, 163 Seiten Diagramme |
| ISBN: | 9789814749435 |
Internformat
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Datensatz im Suchindex
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| adam_text | BEYOND THE DOLLAR AND THE EURO
/ PAK, YONG-CHOLYYD1939-YYEAUTHOR
: 2016
TABLE OF CONTENTS / INHALTSVERZEICHNIS
OVERVIEW
ISSUES AND CHALLENGES OF INTERNATIONAL MONETARY REFORM
EAST ASIA PERCEPTION OF THE GLOBAL SAFETY NET, IMF
USE OF NATIONAL CURRENCIES FOR TRADE SETTLEMENT IN EAST ASIA : A
PROPOSAL
SHAPING THE FUTURE OF THE IMS : REGIONALIZATION OF SELECTED ASIAN
CURRENCIES
CONCLUSION
DIESES SCHRIFTSTCK WURDE MASCHINELL ERZEUGT.
Titel: Beyond the Dollar and the Euro
Autor: Pak, Yŏng-chŏl
Jahr: 2016
Beqond Nie Dollar
and [he Euro
Reshaping the
International Monetary System
through Regional Monetary
Cooperation in East Asia
*
Yung Chul PARK
Korea University, Korea
II Houng LEE
Korea Institute for International Economic Policy, Korea
World Scientific
NEW JERSEY · LONDON · SINGAPORE · BEIJING · SHANGHAI · HONGKONG · TAIPEI · CHENNAI · TOKYO
Contents
Acknowledgments v
About the Authors xi
Chapter 1 Introduction 1
Yung Chul Park
Chapter 2 Use of National Gurrendes for Trade Settlement
in East Asia: A Proposal 9
II Houng Lee and Yung Chul Park
1. Introduction 9
2. Trade Pattems and Financial Openness:
Preconditions of ASEAN-5, China, Japan,
and Korea 12
2.1. Trade Openness 12
2.2. Proliferation of Free Trade Agreements 13
2.3. Intra-regional Trade 14
2.4. Intra-industry Trade 17
2.5. Financial Openness 20
3. Progress in the Internationalization of the
Renminbi 21
3.1. Renminbi as a Currency of Settlement 22
3.2. Renminbi Settlement Services and Interbank
Market 24
3.3. Interbank Market for the Renminbi 25
3.4. Renminbi as a Reserve Currency 26
3.5. The Shanghai Pilot Free Trade Zone 28
3.6. Policies to Promote Investments
in RMB-denominated Financial Assets 28
vii
viii Beyond the Dollar and the Euro
4. Objectives and the Potential Size of the Currency
Scheme in East Asia 30
4.1. Objectives 30
4.2. Potential Size 33
5. Structure of the System 36
5.1. Convertibility 36
5.2. Clearing and Settlement 37
5.3. Interbank Foreign Exchange Markets 38
5.4. Investment Vehicles 38
5.5. Adjustments of Imbalances of Holdings
of National Currencies 39
6. Benefits and Risks 40
6.1. Benefits 40
6.2. Relative Advantages 41
6.3. Risks and Their Management 44
7. Concluding Remarks 44
References 46
Appendix 48
Chapter 3 Issues and Prospects of International Monetary
Reforms: East Asian Perspectives 49
Yang Chul Park
1. Introduction 49
2. Reserve Currency System 52
2.1. The Demise of the US Dollar? 52
2.2. Special Drawing Rights (SDR) 53
2.3. A Multiple Reserve Currency System? 54
3. The Euro, the RMB, and Currencies of Other
Emerging Economies 55
3.1. The Euro 55
3.2. RMB 56
3.3. Other Currencies of Emerging Economies 59
4. Capital Controls and Exchange Rate Regimes 60
4.1. IMF Advocacy of Capital Controls 60
4.2. Effectiveness, Instruments, and Scope
of Capital Inflow Controls 62
Contents ix
5. ASEAN+3 and Regional Liquidity Support
Arrangements 63
5.1. Evolution of the Mutual Liquidity Support
System in East Asia 63
5.2. Issues in Regional Arrangements in East Asia 64
5.3. CMIM s Viability 65
6. Swaps as a Global Safety Net 67
6.1. Swaps among Major Central Banks 68
6.2. A Cooperative Arrangement among Major
Central Banks 71
7. Conclusion 72
References 73
Chapter 4 The Euro-Area Sovereign Debt and Banking
Crises: Perspectives from East Asia 77
Yung Chul Park
1. Introduction and Overview 77
2. Causes, Triggers, and Consequences
of the Capital Account Crises 82
2.1. Causes and Triggers: East Asia 83
2.2. Causes and Triggers: Euro Area 85
2.3. Flaws in the EEMU Architecture 89
2.4. Recovery and Relative Efficiency of
Resolution Programs in Asia and Europe 92
3. Program Design and Implementation:
Asian Crisis Lessons 95
3.1. Resolution Strategy: Growth First or
Austerity First? 96
3.2. Failure of Prompt Response 99
3.3. Structural Reforms 102
3.4. Austerity and the Failure of Expenditure
Switching 107
4. Collaboration with EU: Independence
and Credibility of the IMF 109
4.1. The Role of the IMF in the Troika s Crisis
Management 110
X Beyond the Dollar and the Euro
5. Summary and Conclusion 114
References 118
Appendix 122
Chapter 5 Shaping the Future of the IMS: Regionalization
of Selected Asian Currencies 131
II Houng Lee
1. Introduction: A Need to Create an Asian
Monetary System 131
2. Demand for a Reserve Currency 135
2.1. RMB as a Candidate for Reserve Currency 135
2.2. A Long-term Process 136
3. Possible Shape of the New IMS 139
3.1. Time for a Change to the IMS 139
3.2. Possible Framework of a New IMS 141
4. Incentives and Risks for Member Countries 148
4.1. Incentives 149
4.2. Risks 151
4.3. Other Economic Considerations 154
4.4. Geopolitical Challenges 155
5. Conclusion 156
References 157
Chapter 6 Conclusion 159
Yung Chul Park and II Houng Lee
Index 161
|
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| spelling | Pak, Yŏng-chŏl 1939- Verfasser (DE-588)170021696 aut Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia by Yung Chul Park (Korea University, Korea), Il Houng Lee (Korea Institute for International Economic Policy, Korea) New Jersey ; London ; Singapore ; Beijing ; Shanghai ; Hong Kong ; Taipei ; Chennai ; Tokyo World Scientific [2016] © 2016 xi, 163 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Monetary policy East Asia International cooperation International finance East Asia Global Financial Crisis, 2008-2009 Ostasien East Asia Foreign economic relations Lee, Il Houng Verfasser (DE-588)171898362 aut LoC Fremddatenuebernahme application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029244285&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029244285&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Pak, Yŏng-chŏl 1939- Lee, Il Houng Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia Monetary policy East Asia International cooperation International finance East Asia Global Financial Crisis, 2008-2009 |
| title | Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia |
| title_auth | Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia |
| title_exact_search | Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia |
| title_full | Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia by Yung Chul Park (Korea University, Korea), Il Houng Lee (Korea Institute for International Economic Policy, Korea) |
| title_fullStr | Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia by Yung Chul Park (Korea University, Korea), Il Houng Lee (Korea Institute for International Economic Policy, Korea) |
| title_full_unstemmed | Beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in East Asia by Yung Chul Park (Korea University, Korea), Il Houng Lee (Korea Institute for International Economic Policy, Korea) |
| title_short | Beyond the dollar and the euro |
| title_sort | beyond the dollar and the euro reshaping the international monetary system through regional monetary cooperation in east asia |
| title_sub | reshaping the international monetary system through regional monetary cooperation in East Asia |
| topic | Monetary policy East Asia International cooperation International finance East Asia Global Financial Crisis, 2008-2009 |
| topic_facet | Monetary policy East Asia International cooperation International finance East Asia Global Financial Crisis, 2008-2009 Ostasien East Asia Foreign economic relations |
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