The Connections Between Financial and Monetary Cooperation in East Asia

Chai, Hee-Yul; Yoon, Deok Ryong

doi:10.1142/9789814271547_0003

Cited by 4 publications

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“…What is notable at this stage is that the CMIM agreement marks the first occasion on which East Asian governments have signed up to an institution in which decisions by weighted voting can occur. The agreement has also been interpreted as a demonstration of the growing self-confidence and solidarity of the ASEAN + 3 countries (Chai and Yoon 2009). However, whether the apparent imperative to resolve the problems that prevented the CMI from playing any role in the first 10 years of its existence will outweigh East Asian governments' traditional preoccupation with their sovereignty and consequent unwillingness to open their national accounts to international scrutiny remains to be seen.…”

Section: Regional Liquidity Provision: the Chiang Mai Initiative Multmentioning

confidence: 99%

Asia’s multi-level response to the global financial crisis

Lai

Ravenhill

2012

Asia Eur J

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While the global financial crisis (GFC) precipitated stagnation in the United States and throughout most of Europe, Asia escaped largely unscathed (and notably suffered less economic damage than during the Asian financial crises of a decade earlier). In this article, we examine how the GFC has affected Asian states' attitudes towards and participation in regional and global institutions. The GFC produced a significant disjunction in Asia's inter-governmental relations in finance and trade at both the regional and global levels, most notably manifested in the multilateralisation of the Chiang Mai Initiative, and Asia's new role in global economic governance courtesy of its representation in the G20. However, substantial continuities are also evident in the divided interests of Asian countries: these not only threaten the effectiveness of regional cooperation but continue to prevent the region from effectively exercising its collective economic weight in global forums.

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Section: Regional Liquidity Provision: the Chiang Mai Initiative Multmentioning

confidence: 99%

Asia’s multi-level response to the global financial crisis

Lai

Ravenhill

2012

Asia Eur J

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“…Однако подобная интеграция -это цель на отдаленную перспективу. В настоящее время валютные и финансовые рынки большинства стран региона зависят от рынков США, а не от ситуации в азиатских странах-партнерах (Belaisch, Zanello, 2006;Opportunities…, 2006;Park, Wyplosz, 2008;Chai, Yoon, 2009;Volz, 2010;Calvi, 2010;Hong, 2011;Park, Lee, 2011;Urata, 2013;Capannelli, 2014;Park, 2014;Арапова, 2016;Maggiori et al, 2018). В качестве одного из мероприятий по развитию и интеграции региональных финансовых и валютных рынков предлагается переход на единую корзину валют.…”

Section: Introductionunclassified

Cross-Border Capital Flows in East Asia: Impact of Monetary Policy Measures

Dyomina¹

2019

Spatial Economics

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Despite the ASEAN Community Vision 2025 plans to deepen and develop monetary and financial cooperation within member states, regional markets differ significantly from each other in the level of development and overregulation. Among ASEAN-5 countries, Singapore has the most developed and large financial market with the least number of applied restrictions. The remaining countries (Malaysia, the Philippines, Indonesia and Thailand) control virtually all capital account transactions. The examined five countries practice soft peg exchange rate regimes: a stabilized arrangement and a floating. Indonesia and Singapore apply a stabilized arrangement, and Malaysia, Thailand and the Philippines apply a floating. The regression analysis results show that changing exchange rate regimes of ASEAN-5 countries to a hard peg (a single currency basket) will have a significant effect on the volume of issued bonds in four of the five studied countries (all except Thailand). Indonesia will have the greatest effect of the exchange rate regime change. Thus, revaluation of the value of the East Asian currencies basket against USD by 1% will reduce the volume of issued bonds in Indonesia by 3.79%, and devaluation, on the contrary, will increase by the same amount. Consequently, Indonesia and other countries under study will have to continue the competitive devaluation policy against USD in order to have a positive effect of changing exchange rate regime. But in this case it will be a coordinated devaluation of all East Asian currencies and not a currency war. It is worth noting that the correlation between the volumes of bonds issued in national and foreign currencies in all the studied countries and fluctuations of East Asian currencies against each other and to USD is much weaker than the effect of the single currency basket. And in the case of the Philippines this correlation is not at all.

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“…The ACU could be used as an index for monitoring exchange market developments, as accounting units for denominating operations of the CMIM and AMRO, as a private sector denomination for Asian bond issuance, bank deposits and loans, and trade invoicing, and as official units for currency market intervention. See papers included in Chung and Eichengreen (2007), particularly Chai and Yoon (2009);Kawai (2009);and Moon and Rhee (2009). An ACU index could be used as a benchmark, a tool to measure the value of East Asian currencies as a whole against external currencies-such as the US dollar and the euro-as well as the degree of divergence of each currency's value from the regional average set by the ACU. Once the PRC adopts a more flexible exchange rate regime, both the ACU index movements and the divergences of component currency values can provide more meaningful information.…”

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confidence: 99%

Asian Monetary Integration: A Japanese Perspective

Kawai

2014

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in Asian Development Bank InstituteThe Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. This is a substantially revised version of the paper presented to the Asia-Europe Economic Forum on "Impact of the Eurozone Debt Crisis on East Asia," hosted by ADBI, Bruegel, CEPII, the European Commission, the Korea Institute of Finance, and Korea University, in Seoul on 9-10 December 2011. The author is grateful to Charles Wyplosz and an anonymous referee for their comments throughout the production of the paper.The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, the ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan AbstractThis paper discusses Japan's strategy for Asian monetary integration. It argues that Japan faces three major policy challenges when promoting intraregional exchange rate stability. First, there must be some convergence of exchange rate regimes in East Asia, and the most realistic option is for the region's emerging economies to adopt similar managed floating regimes-rather than a peg to an external currency. This requires major emerging economies-particularly the People's Republic of China (PRC)-to move to a more flexible regime vis-à-vis the US dollar. Second, given the limited degree of the yen's internationalization and the lack of the renminbi's (or the prospect of its rapid) full convertibility, it is in the interest of East Asia to create a regional monetary anchor through a combination of some form of national inflation targeting and a currency basket system. Emerging economies in the region need to find a suitable currency basket for their exchange rate target, such as a special drawing rights-plus (SDR+) currency basket-i.e., a basket ...

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The Connections Between Financial and Monetary Cooperation in East Asia

Cited by 4 publications

References 0 publications

Asia’s multi-level response to the global financial crisis

Asia’s multi-level response to the global financial crisis

Cross-Border Capital Flows in East Asia: Impact of Monetary Policy Measures

Asian Monetary Integration: A Japanese Perspective

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