Monetary and Financial Integration in East Asia : The Relevance of European Experience

This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyzes the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia. This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia. Contents......Page 8 List of Figures......Page 10 List of Tables......Page 11 List of Abbreviations......Page 12 1. East Asia’s Response to the 1997 Crisis: Economic Reforms, Growth, and Integration in East Asia......Page 16 2. Critical Survey of the Literature on Financial and Monetary Integration in East Asia......Page 48 3. Initiatives for Financial Cooperation and Macroeconomic Surveillance......Page 72 4. Europe and Cooperation in East Asia......Page 118 5. The Global Financial and Economic Crisis: A Brief Postscript......Page 152 References......Page 166 A......Page 180 B......Page 181 C......Page 182 E......Page 183 G......Page 185 J......Page 186 M......Page 187 S......Page 188 T......Page 189 Z......Page 190 This volume looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999, and reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution.