Monetary and Financial Integration in East Asia: The Relevance of European Experience

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This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia.
 

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Contents

Economic Reforms Growth and Integration in East Asia
1
2 Critical Survey of the Literature on Financial and Monetary Integration in East Asia
33
3 Initiatives for Financial Cooperation and Macroeconomic Surveillance
57
4 Europe and Cooperation in East Asia
103
A Brief Postscript
137
References
151
Index
165
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About the author (2010)


Yung Chul Park's publications include Economic Liberalization in East Asia (OUP) and China, Asia, and the New World Economy, edited with Barry Eichengreen and Charles Wyplosz (OUP).

Charles Wyplosz's main research areas include financial crises, European monetary integration, fiscal policy, economic transition and regional monetary integration. He is frequent advisor to international financial organizations and to governments and the European Commission.

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