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East Asian Monetary Cooperation and the Internationalization of RMB

Author: YanYan
Tutor: GuoKai
School: Dongbei University of Finance
Course: Finance
Keywords: East Asian monetary cooperation the RMB internationalization the dollar problem Dominant currency
CLC: F822
Type: Master's thesis
Year: 2011
Downloads: 133
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Abstract


Nineties of the last century, with the Asian financial crisis began, monetary cooperation in East Asia was widely discussed by scholars. East Asian economies gradually became aware of their financial vulnerability and the dollar-based cause of many conflicts, then rapidly rescue mechanism for monetary cooperation and an Asian Monetary Fund initiatives were proposed. In 2002, Japanese scholars proposed the exchange rate system (AERM) and the design of Asian Dollar, led the preparation of Asian Currency Unit (ACU) in 2006, hope to form the region in the future based on the exchange rate coordination mechanism. However, significant differences in areas of cooperation to achieve this step is not an easy problem. At those days, Japan’s economic strength was an absolute advantage in this region, if China as a market follower rushed cooperation, transferring monetary sovereignty, economic losses and risks will not be estimated, together with countries in the region hit by the crisis of varying degrees, and co- will also not as strong when the crisis had just occurred, ACU has not been the designer of the launch of the desired effect.East Asia today, not only the external environment has changed dramatically, the internal political and economic landscape has also changed much, monetary cooperation for East Asia and China, has a different meaning now. In the face of a serious imbalance in the international monetary system, the situation will be intensified in the future, the East Asian economies will be difficult to market through its self-adjustment to balance the financial. The status of vulnerable monetary makes the strategic choice of global capital layout will also be controlled by others. The International Monetary intensification of the conflict, the dollar decline, the basic trend of the rise of multi-currency determined. Internationalization of the RMB provides the opportunity to actively seek cooperation in East Asia at this time, easing their plight. Relative to European Union’s political and economic integration, our economic environment is more complex, so deepening cooperation in East Asia should be quite difficult. Different from the traditional strong currency, the RMB internationalization is also facing many difficulties. In the international monetary system changing from one dollar to multi-long transition period, how to effectively establish an East Asian monetary cooperation? How to change the vulnerability of the financial system in this region? RMB in turn how to overcome obstacles and achieve a smooth reform? This article tries to use game theory to analyze ideas and analogies to discuss international experience, to exploration the theoretical and practical issues by collecting and analyzing the data related. The article is divided into five parts:The first part introduces the research background and its significance, literature review, research methods and the content of the arrangements.The second part introduces theoretical and practical analysis of monetary cooperation in East Asia by recalling the basic theory of monetary cooperation in East Asia, and the status of cooperation and cooperation from the limitations of the framework. We analyze the East Asian monetary cooperation and policy coordination in the plight to discuss long-term direction of monetary cooperation in East Asia and the focus at this stage.The third part discusses the leading force of East Asian monetary cooperation. Through features from the monetary and trade relations and other factors, we observes the competition in the region, then we discuss the competitive potential of RMB as a regional or sub-regional dominant currency.The fourth part analyzes some of the obstacles and risks in the process of internationalization of the RMB, indicating the need of a soft landing through regional monetary cooperation. Explores ways to expand monetary competitive advantage and enhance the international status in the cooperation. The fifth part pointed out the complementarily between East Asian monetary cooperation and the internationalization of the RMB. We took Mark and EU as the example of monetary cooperation and international experience, supporting our discussion of the future direction of RMB internationalization and monetary cooperation in East Asia.This paper argues that the formation of regional coordination in the future exchange rate mechanism, and the gradual elimination of the reliance on the dollar system will be the long-term trend of monetary cooperation in East Asia. These processes requires the rapid growth of RMB as one of the leading force in the region, however, the current economic and financial strength of China is still not enough to form this condition. RMB internationalization process in the face of dollar and other negative factors, as the complexity of regional cooperation and competition situation and their own shortcomings, it needs to expand competitive advantage through regional cooperation in East Asia. Meanwhile, it’s important for East Asian countries to build institutional capacity and financial strength, to solve their own difficulties and further the ability to obtain a more important role. At this stage, one of the focus of monetary cooperation in East Asia is still the construction of CMI framework and the integration of regional markets, the internationalization of the RMB will have a positive impact for that, then the currency’s role will adjust from the trade settlement currency into investment currency in East Asia, this process will complement and assist the development of regional capital markets.

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CLC: > Economic > Fiscal, monetary > Currency > China's currency
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