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Monetary Integration in East Asia: Why Does it Take so Long?


Krawczyk, Mariusz K. (2009) Monetary Integration in East Asia: Why Does it Take so Long? The International Journal of Banking and Finance, 6 (2). pp. 61-75. ISSN 1617-722

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Abstract

The launch of the economic and monetary union in Europe and the 1997 financial crisis that underscored the disadvantages of currently employed exchange rate regimes raised questions about the feasibility of a similar monetary unification project for East Asia. Being one of the most dynamically growing regions in the world, East Asia has the potential for a successful implementation of a monetary union. The paper examines why, despite substantial political emphasis being placed on the issue of monetary integration, the progress to date has been slower than could be expected. The major finding is that, although East Asia may actually benefit from establishing its monetary union in the long run, a specific political culture that prevails in the region and misconceptions about the sequencing of the process prevent the East Asian monetary union from materialising. Possible short and mid-term policy solutions follow.

Item Type: Article
Uncontrolled Keywords: Monetary union, East Asia, Sequencing monetary reforms, Monetary unification
Subjects: H Social Sciences > HG Finance
Divisions: School of Economics, Finance & Banking
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 29 Oct 2018 03:18
Last Modified: 29 Oct 2018 03:18
URI: http://repo.uum.edu.my/id/eprint/25070

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