Towards Monetary and Financial Integration in East Asia

Edited by Koichi Hamada, Tuntex Professor of Economics, Yale University, New Haven, US, Beate Reszat, Economist, Hamburg Ministry of Science and Research, Germany and Ulrich Volz, Senior Lecturer in Economics, SOAS, University of London, UK and Senior Research Fellow, German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE)

这提供了一个不可或缺的书comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world’s most dynamic region.

‘Towards Monetary and Financial Integration in East Asia is an important book. East Asia, led by China, has been and will continue to be the largest, most rapidly growing region in the world. Major global imbalances persist, with East Asia in large surplus. Yet East Asian financial and monetary integration is only in the early stages of what will necessarily be a long-run process. These 14 essays by different authors address, in six Parts, fundamental long-run issues and prospects. These include the development of a regional financial architecture, liquidity provision and crisis management, surveillance mechanisms, exchange rate arrangements, currency baskets, an Asian Currency Unit, and ultimately even a single currency. The implications of the rise of China and the role of Japan underlie much of these analyses. However imperfect, the EU is the dominant relevant experience for East Asian financial and monetary integration. It is important to understand, as the authors do, that it took 47 years from the EU’s nascent founding to the establishment of the euro, and that economic integration has preceded political integration. This book importantly addresses such basic issues in this time frame and with an appreciation of the political economy difficulties of financial integration.’
– Hugh Patrick, Columbia University, US

‘The book edited by Professors Hamada, Reszat, and Volz gives a comprehensive overview of the current status and challenges of economic integration in East Asia. Monetary and financial integration in East Asia has proceeded gradually but steadily since the Asian financial crisis of 1997–98. The book is an authoritative cutting-edge collection of papers in respective topics which brings the reader to the frontier of the literature.’
– Takatoshi Ito, University of Tokyo, Japan