The Path of Monetary Cooperation in East Asia
|School||Dongbei University of Finance|
|Keywords||OCA East Asian Monetary cooperation|
The Asian financial crisis in 1997 had just dissipated when another crisis swamped the global financial system in 2008,which gave our Asian people a hard blow. To solve this problem the scholars in the financial fields were unanimous turned to the "regional monetary cooperation ".In deepening regional cooperation in economic and financial processes, a regional body is to overcome many difficulties, such as differences in political systems and economic developments. But difficulties would never prevent cooperation, more and more countries and regions have established foreign exchange reserve to replace the previous domestic financial reforms. At the same time the resistance of cooperation is obvious, East Asian countries and regional economic systems are on th e basesof diversities and differences according to the different developing levels and so on. But the leaders of East Asia Monetary Cooperation in East Asia were committed to search for a long-term interaction to deal with those difficulties. That is to say the cooperation has a bright future, especially,when China and Japan,the big economic powers in East Asia would fully uphold the principle of mutual trust. China and Japan should be being partners rather than competitors. Although the actual situation is that even if monetary cooperation in East Asia between China and Japan was positive, a lot of resistance are still existing at the near future. At the same time, East Asia has advantages of forming a optimal currency area to a certain extent, but there are still considerably practical difficulties to be solved, so forming a East Asian monetary cooperation would still the long-term goal,needs our generations to struggle.The first chapter of this paper is to introduce the theory of optimal currency area, the optimal currency area from the beginning of the mankind source, the optimal currency area until the formal creation of the theory, and the descendants of the theory of optimum currency areas to further complements and developments, this chapter is the theoretical basis of the follow-up articles. The second chapter is to introduce the only common currency area, focusing on the historical experiences of these Monetary Cooperation to enlighten the East Asia on the future road of Monetary Cooperation.The third chapter is based on the East Asian monetary cooperation to analyze the existing situation, clarify the early commitments and the current status of the East Asian monetary cooperation.The fourth chapter is the reason of the stagnation of the monetary cooperation in East Asia, the focusing is to recognize the main reason is the "dollar system ".And the unsuitable means.The last chapter is focusing on the way how to solve this problem.