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East Asia's Monetary Future
Integration in the Global Economy. New Horizons in Money and Finance Series
East Asia's Monetary Future is an illuminating and valuable work which uniquely focuses on a long-term monetary view of the region. There are multiple and varied future scenarios which can be applied to this region - an enlarged Singapore-Brunei currency area, a greater China monetary bloc and even a Northeast Asian bloc comprising Japan and Korea.
Leading scholars from East Asia, Europe and the US contribute valuable new insights to the key questions facing the organization and future of the monetary system in East Asia. Central questions discussed and analysed in the book include, amongst others: should the region move towards monetary union? Should countries peg their exchange rates to the US dollar? Is complete dollarization an option for East Asia? The authors argue that, having realized price stability over the last twenty years, in contrast to Latin America and Africa, the next logical step would be the gradual formation of various currency blocs within the region.
This comprehensive discussion of the fundamental issues at stake will ensure the book's appeal to academics and researchers of Asian studies and financial economics. Financial experts working in this area and policymakers will also find much of interest to them within this book.
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What Reviewers Are Saying
`Now that the economics profession has returned its attention to the structural impediments and deficiencies that may bar economies from high performance we are at risk of forgetting that there is more to political economy than corporate governance, entrepreneurship, financial institutions and the economic culture. The traditional concerns of macroeconomics with exchange rates, interest rates and tax rates retain their importance. This quality volume helps to right the balance with eleven essays analyzing how monetary systems, currency arrangements, the dollar standard, exchange rate policies and related matters all play a part in the economic problems and opportunities in east Asia.' -- Edmund S. Phelps, Columbia University, US