The Development of East Asia Monetary Cooperation and Our Countermeasures
|School||Dongbei University of Finance|
|Keywords||East Asian monetary cooperation Optimum Currency Areas Internationalization of RMB Chiang Mai Initiative|
With the development of economic globalization and monetary integration, regional economic cooperation is a main trend of world economic development. The rapid development of economic development and regional monetary integration puts forward a realistic and urgent subject:as an important polar in world economy, all states in Asia have to strengthen their monetary coordination and cooperation. Regional currencies in Asia are facing afresh necessity and trend of integration. Especially, toward the late 1990s, the fast economic development in East Asia made the countries of this region connected closely and entirely. The stormy financial crisis in Asia made East countries recognized:regional policy coordination is an effective means to prevent and remove crisis in virtual economic expand and fast monetary liberalization of the world. Thus, constructing regional monetary system in East Asia has become common understanding of the regional countries. Many Domestic and overseas scholars do lots of researches on East Asian monetary cooperation from different perspectives and obtained many constructive conclusions, which become solid theoretical foundation of the regional monetary cooperation. As the most important developing country in Asia, China attaches much importance to monetary cooperation in East Asia. Consequently, it is necessary to do some researches on it.The article is divided into seven parts:The first part is introduction section, which introduce the background of the topic, research status, meaning of the topic and the structure arrangement of the article.The second part briefly introduces the Optimum Currency Areas which is the theoretical basis of monetary cooperation in East Asia. The traditional Optimum Currency Areas is mainly based on single factor analysis to explain monetary cooperation conditions, such as elements liquidity standard, policies integration standard, financial integration standard etc; as the domestic and foreign scholars deep the research on Optimum Currency Areas, the theory become perfect, which has more guiding meaning for the monetary cooperation. In the last of first part, the article analyzes various factors in the monetary cooperation using a series of judgment standards of Optimum Currency Areas. The conclusion is that East Asia region basically meets the conditions of monetary cooperation.The third part analyses background of East Asian currency cooperation. The background is complicated, including strengthen of cooperation intention itself the reaction of external economic environment. In detail, it includes effect of the trend of economic globalization, reference of world monetary cooperation, the influence of the financial crisis, etc. Based on the analysis of East Asia monetary cooperation in East Asia background, we realize the importance, necessity and urgency of monetary cooperation.The fourth part discusses the main progress of monetary cooperation in East Asia. This part mainly discusses development and achievements of East Asian currency cooperation, mainly from the perspective of Chiang Mai Initiative, Asian currencies fund and Asia bond market. This part improves that East Asia monetary cooperation has gotten a great progress, and has great potential and bright future, East Asian countries and regions should continue to promote the cooperation.The fifth part mainly analyses the reason for relatively slow progress of East Asia monetary cooperation. Although East Asia has made great progress, pace of progress is relatively slow overall. This section mainly analyzes the reasons, which mainly include loss of core currency and lead country, weak political foundation for cooperation, resist from the United States. The analysis lay foundation for the fifth part which puts forward countermeasures for East Asia monetary cooperation, making the fifth part becomes more targeted and feasible.The sixth part analyzes main countermeasures for East Asia monetary cooperation. According to problems proposed in the fourth part of monetary cooperation, this section puts forward the countermeasures, including strengthening regional policy coordination, strengthening the political cooperation and trade cooperation, promoting RMB internationalization, etc. Through these efforts, East Asian currency cooperation will be put to a new level.The seventh part is about the theory thinking of European monetary cooperation. The European monetary cooperation is model of the world monetary cooperation. Its cooperation mode and content is significant to East Asian currency cooperation. This part mainly discusses the political foundation for European monetary cooperation, the central bank branches and the unified monetary euro. East Asian should learn from these aspects and promote the process of regional monetary cooperation according to the actual conditions of the region.