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The Research on the Exchange Rate Cooperation in East Asia

Author: YangFan
Tutor: WangAiJian
School: Tianjin University of Finance and Economics
Course: Finance
Keywords: pegging dollar exchange rate arrangement regional exchange rate coordination regional monetary cooperation
CLC: F833.1
Type: Master's thesis
Year: 2010
Downloads: 45
Quote: 1
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Abstract

Since the 80s of last century, the East Asian region have adopted the "pegging dollar" arrangement. It is for the reason of lacking coordination of exchange rate arrangement in East Asia that the East Asia Financial Crisis broke out in 1997 under the attack of international flowing capital. After the Crisis, East Asia countries readjusted to a more flexible direction, but soon resumed the "pegging dollar" arrangement in practice. The past economic development of East Asia countries and their present conditions show that the existing exchange rate arrangement has hindered the development of East Asia economy in the long run and would initiate new financial crisis. In 2007, the U.S. sub-prime mortgage crisis had triggered rapid deterioration of the global financial system crisis, including the East Asian economies and many developing countries in the world, which have been badly hit. The historic change had led to reshuffle the world’s major currencies. On the just-concluded China’s "two sessions" period, the central bank said it would consider withdrawing from the special exchange rate regime, which indicates that the U.S. dollar as the East Asian region "anchor currency" status have beginning to loosen. The unsustainability and vulnerability of U.S. dollar pegged exchange rate system in East Asia, have determined the "pegging dollar" arrangement can only be a short-term transitional program degrees, while the regional exchange rate coordination will be the trend of international monetary system reform and exchange rate system development.The main line of the dissertation is "why coordinates", "whether coordinates" and "how coordinates". Regarding to "why coordinates", the dissertation started from the instability of East Asian "pegging dollar" arrangement, with the current era of post-crisis context, the dissertation expounds the necessity of the exchange rate coordination in East Asia. Regarding to "whether coordinates", based on the relative standards of the theory of Optimum Currency Areas, the dissertation focuses on the inspection of economic basis of East Asia. Regarding to "how coordinates", the dissertation profits from experience of the European exchange rate coordination. Comparing of the various models which can be implemented in East Asia, it is proposed to set RMB, Japanese yen, Singapore dollars as the leading currencies of three "sub-regional", and then along the progressive manner of "sub-regional" to the "wide-regional", so East Asian exchange rate coordination can be further broken down into four phases gradually push forward the basic idea. Finally, the dissertation discusses China’s strategic choice and its corresponding strategic arrangement under the East Asia exchange rate coordination mechanism.

The Research on the Exchange Rate Cooperation in East Asia

Abstract

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