Research on Financial Cooperation in East Asia
|School||Foreign Service Institute|
|Keywords||East Asian Regional Cooperation Financial Crisis Financial supervision Bond market Monetary Integration|
East Asia is the region which developed fastest in the world. Contract with the huge trade size, lagging of financial cooperation for the area development brings many problems. The Asian financial crisis, the global financial crisis and the debt crisis have made East Asian countries suffered huge economic losses. The ASEAN 10+3 framework in East Asia financial cooperation as a solution to this problem laid the foundation. How the emerging East Asia will carry out financial cooperation is discussed in this paper.In the East Asian regional, financial cooperation is the inevitable requirement of the regional economic cooperation. It can enhance the ability to resist financial risks, promoting regional financial market development, and enhancing the regional financial competitiveness. But only Japan and some emerging countries financial market had been opened, while others just opened the current project. In the financial market in China, only the Hong Kong’s financial market internationalization degree is high.Based on the FTA, Chiang Mai Initiative and its development of East Asia Foreign Exchange Reserve Pool, the paper tries to make a basic research to analyze the feasibility of cooperation, in order to get some useful enlightenment for further cooperation, and to provide in-depth information. Through strengthen the cooperation of sharing economic statistics, funding credit system, and developing foreign exchange reserve pool, and etc., to keep East Asian countries away from serious financial crisis. Build up the regional Credit Rating Agency is also an important content of East Asian financial system contribution. As long as the East Asian countries cooperated closely, they will make the cooperation of East Asia region grows smoothly, and East Asia regional monetary integration will have huge development space. There are some suggestions of how to develop monetary cooperation, while it has long time to achieve. Through monetary integration to enhance the money’s ability of competitiveness is an important content of East Asian financial cooperation.