China's role in East‐Asian monetary integration

Hefeker, Carsten; Nabor, Andreas

doi:10.1002/ijfe.265

Cited by 20 publications

(9 citation statements)

References 13 publications

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“…12-13. Hefeker andNabor (2005) suggest that China could play that role in Asia, but they confuse two phenomena. China may soon be dominant in Asia and by a larger margin than Germany was in Europe.…”

Section: Designing a Monetary Unionmentioning

confidence: 99%

Monetary Integration in East Asia?

Kenen¹,

Meade²

2007

Regional Monetary Integration

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This paper is the draft of a chapter for a book on Regional Monetary Integration that is now nearing completion and will be published by Cambridge University Press.The list of references contains only those pertaining to this chapter, but the list and the corresponding citations in the text have not been edited. You will thus find references such as "Padoa-Schioppa (2004b)" without a corresponding entry for "Padoa-Schioppa (2004a)" which refers to a work cited in another chapter.We welcome comments on this draft. Please send them to pkenen@cfr.org, and we thank you in advance for your advice.

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Section: Designing a Monetary Unionmentioning

confidence: 99%

Monetary Integration in East Asia?

Kenen¹,

Meade²

2007

Regional Monetary Integration

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“…In the early 2000's governments talked about forming a monetary union with several options that included the constitution of a currency bloc anchored to a common monetary standard. Several options have been suggested and among them a collective pegging to a single currency like the US dollar (McKinnon , 2005), the yen (Kwan , 2001), or the yuan (Park , 2010;Hefeker and Nabor , 2005). Some economists have considered the possibility of a basket peg composed of international currencies (Williamson , 2005) or even regional currencies (Ogawa and Shimizu , 2006).…”

Section: Introductionmentioning

confidence: 99%

Business cycles synchronization in East Asia: A Markov-switching approach

Dufrénot¹,

Keddad²

2014

Economic Modelling

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This paper attempts to analyze the relationships between the ASEAN-5 countries' business cycles. We examine the nature of business cycles correlation trying to disentangle between regional spillover effects (expansion and recession phases among the ASEAN-5 are correlated) and global spillovers where the business cycles of other countries (China, Japan and the US) play an important role in synchronizing the activity within the ASEAN-5. We employ a time-varying transition probability Markov switching framework in order to allow the degree of synchronization to fluctuate over time and across the phases of the business cycles. We provide evidence that the signals contained in some leading business cycles can impact the ASEAN-5 countries' individual business cycles.Keywords: OCA, East Asia, Business Cycle Synchronization, Monetary Union, Markov-Switching JEL: C32, E32, F33 IntroductionThe question of monetary integration in East Asia has become a highly debated issue since the Asian 1997-98 crisis. According to many economists, the peg of their currencies to the US dollar was a source of financial fragility which led to the crisis. As a result, the leaders in the region wondered about the necessity of adopting cooperative financial and monetary policies to protect their economies against a new exchange rate crisis. 2 Some initiatives were undertaken with the adoption of reforms aiming, on the one hand at restructuring and increasing the depth of the financial systems (Asian Bond Fund and Asian Bond Market Initiative), and, on the other hand, at setting up mechanisms of protection against speculative attacks (Chiang Mai Initiative).

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“…Equally compelling, however, is the fact that much of what has already been written on this issue is predicated on the fairly recent historic experience of the onset of the pound sterling and US$ through the 20th century, and on the still more recent experience of the Euro in the early 21st century. (See, e.g., Hefeker and Nabor [2].) Implicitly, therefore, the prospects of RMB internationalisation are assessed based on indicators of convergence between the Chinese economy at present, and the British, American, Japanese, or EU economies in recent decades.…”

Section: Introductionmentioning

confidence: 99%

The People′s or the World′s: RMB Internationalisation in Longer Historic Perspective

Horesh

2011

Economics Research International

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Prognoses of China's currency-Renminbi or RMB in short-going global have become a hotly debated topic in the economic and popular literature of late. While some analysts are tipping a gradual transformation of the RMB into the world's next principal reserve currency in lieu of the US$, others contend that the deficiencies of China's financial market will continue to preclude any such transformation for a long time to come. The aim of this paper is to survey the arguments put forward by either camp and to weigh into this debate not only through the prism of applied economic theory or political economy but also through the prism of economic history.

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China's role in East‐Asian monetary integration

Cited by 20 publications

References 13 publications

Monetary Integration in East Asia?

Monetary Integration in East Asia?

Business cycles synchronization in East Asia: A Markov-switching approach

The People′s or the World′s: RMB Internationalisation in Longer Historic Perspective

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