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Monetary Cooperation (monetary + cooperation)

Distribution by Scientific Domains

Humanities and Social Sciences	62%
Business, Economics, Finance and Accounting	37%

Selected Abstracts

EXCHANGE RATE REGIMES AND MONETARY COOPERATION: LESSONS FROM EAST ASIA AND LATIN AMERICA,

THE JAPANESE ECONOMIC REVIEW, Issue 3 2004
TAKATOSHI ITO
This paper analyses the mechanisms of, and draws lessons from, currency crises in Asian and Latin American countries in the 1990s and 2000s. In Asian countries fiscal deficits were insignificant in size, and were not part of a crisis trigger, while in Latin America they played a major role in the crisis story. Crisis management by international financial institutions has been evolving over the last 10 years, and private-sector involvement (PSI) has occupied centre-stage in efforts to reform the international financial architecture. Sovereign debts, a focus of PSI discussions, were neither a cause nor a propagation of the Asian crises. [source]

Vietnam and East Asian Monetary Cooperation: Efforts and Policies

ASIAN POLITICS AND POLICY, Issue 3 2009
Le Thi Thuy Van
The article focuses on Vietnam's participation in East Asian monetary cooperation. It argues that monetary cooperation is necessary for the regional countries, including Vietnam. Perspectives on regional monetary cooperation are considered with the Chiang Mai Initiative in the short term, and an Asian monetary system, Asian monetary fund, and Asian monetary union in the medium and long terms. More important, the author emphasizes Vietnam's efforts and policies in this cooperation. Vietnam has done a great deal to support East Asian monetary cooperation by joining many working groups within the context of ASEAN+3. However, more economic reforms should be undertaken to further upgrade Vietnam's participation in regional monetary cooperation. The author finally makes some recommendations that will help Vietnam's policy makers strengthen the country's participation in East Asian monetary cooperation. [source]

Towards regional monetary cooperation in East Asia: lessons from other parts of the world

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2005
Masahiro Kawai
Abstract This paper discusses regional monetary cooperation for East Asia, by drawing lessons from the European Payments Union, the CFA Franc Zone and the Arab Monetary Fund. Along with the well-known experience of the European Monetary System, these experiences suggest that effective monetary cooperation should include: (1) a surveillance mechanism; (2) a regional financing facility; (3) a common unit of account; and (4) exchange rate coordination. In East Asia, the existing mechanisms of regional surveillance must be strengthened, and the liquidity support mechanism under the Chiang Mai Initiative must evolve into a common pool of foreign exchange reserves. Over the longer term, the region may need to create its own common unit of account and to develop a framework for exchange rate coordination. Copyright © 2005 John Wiley & Sons, Ltd. [source]

National Preferences and International Institutions: Evidence from European Monetary Integration

INTERNATIONAL STUDIES QUARTERLY, Issue 1 2001
James I. Walsh
How do states reach agreement on creating or changing international institutions? The dominant theory of international cooperation,institutional theory,specifies how states with shared interests use institutions to realize joint gains and to minimize the possibility of defection. But institutional theory has little to say about when states will hold the shared interests that lead them to create international institutions in the first place. I evaluate two general explanations of national preferences regarding international institutions against the record of attempts to institutionalize monetary cooperation in the European Union since the 1970s. Drawing on central insights of the constructivist tradition, idea diffusion theory holds that national preferences converged on those of German decision-makers by the late 1980s and that European governments willingly accepted German terms for monetary union. Recognition that German institutions and policies produced superior economic outcomes drove this change in preferences. A domestic-politics explanation holds that preferences varied because of differences in the structure of the domestic political economy and the political costs of achieving price stability, which was one of Germany's conditions for monetary integration. Lower inflation in the late 1980s reduced these costs enough for French and Italian governments to pursue a monetary union that included Germany. The evidence indicates that idea diffusion had little influence on the development of European monetary institutions. Governments held and advocated distinctly different preferences regarding such institutions from the late 1970s through the mid-1990s. The finding that domestic politics rather than idea diffusion drives national preferences challenges some of the claims of recent constructivist literature in international politics about the importance of communication and ideas in promoting cooperation. In the conclusion I discuss how the findings of this article might be squared with constructivism by paying more attention to domestic politics. [source]

IS EAST ASIA FIT FOR AN OPTIMUM CURRENCY AREA?

THE DEVELOPING ECONOMIES, Issue 3 2006
AN ASSESSMENT OF THE ECONOMIC FEASIBILITY OF A HIGHER DEGREE OF MONETARY COOPERATION IN EAST ASIA
F42; N15 This paper attempts to make a contribution to the recent search for a suitable assessment of the economic feasibility of a higher degree of monetary cooperation in East Asia. By using a structural vector autoregression approach as well as a generalized purchasing power parity approach, we find that a larger group of appropriately selected East Asian economies does satisfy the macroeconomic conditions for forming an Optimum Currency Area (OCA). The East Asian group consists of four ASEAN countries (Indonesia, Malaysia, Singapore, and Thailand) and four Northeast Asian economies (Hong Kong SAR, Japan, Republic of Korea, and Taiwan). This finding presents a striking contrast to the existing research results whose policy recommendation has generally been that countries in East Asia should start with a smaller subgroup currency area. It is time that many East Asian economies as a region made a serious effort to pursue a higher degree of monetary cooperation among themselves for forming an OCA. [source]