Lessons of the European crisis for regional monetary and financial integration in East Asia

The debt crisis in several member states of the euro area has raised doubts on the viability of the European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interests in regional monetary integration and even monetary unification in various parts of the world, including East Asia, the current crisis has had the opposite effect, even raising expectations of a break-up of the euro area. Indeed, the crisis has highlighted the problems and tensions that will inevitably arise within a monetary union when imbalances build up and become unsustainable. This article discusses the causes of the current European crisis and the challenges that EMU countries face in solving it. Based on this analysis, it derives five lessons for regional financial and monetary cooperation and integration in East Asia.     

A note on the feasibility of a monetary area in the East Asia

After the constitution of the European Monetary Union (EMU), a new scope for monetary coordiantion is emerging in other regional areas. The standard approach to theoretically analyse the feasibility of a monetary union is the optimum currency areas (OCA) approach. Although this approach has been claimed to be non-operative, recent studies using synchronisation measures have shown a high potential applicability. This paper provides an empirical application of the OCA theory to a hypothetical East Asian monetary union centred on Japan’s currency. We find that despite the increasing synchronisation of macroeconomic determinants of a monetary area during 1980–2001, the perspective of an Asian currency union is still not economically feasible.

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东亚货币合作经济基础的实证分析

随着经济全球化和区域化的发展，世界范围内的区域金融合作也深入开展起来。欧元的成功实践为东亚国家（地区）开展货币合作提供了良好的示范，最优货币区理论的提出及发展为东亚货币合作提供了理论指导。东亚国家货币合作的经济基础有了很大的提高，为进一步开展更深层次的合作提供了保证。东亚国家可以根据各自的不同情况，选择最优合作伙伴，逐步推进次区域货币合作，最后通过长期的努力建立欧盟那样的货币联盟。     

后金融危机时期中日韩货币合作研究

后金融危机时期,基于共同利益的需求,东亚货币一体化成为一个不可逆转的发展趋势。中日韩3国货币合作在东亚区域货币一体化过程中起着至关重要的作用。3国货币合作具有经济基础:3国经济力量雄厚,产业结构和资源互补性强,贸易增长迅速,汇率波动差异趋小,货币政策方向也渐趋一致。计算3国货币合作的OCA指数表明,与危机前相比,3国进行货币合作的成本已经有了明显改善,3国2011年的OCA指数与1995年欧洲各国与德国间的OCA指数相近,这表明与当初的欧盟相似,3国已具备进行深入货币合作的条件。人民币和日元的协调与合作对3国货币合作具有重要意义和现实基础,中国应谨慎而积极地分阶段推进人民币国际化进程。     

东亚金融区域主义的兴起及其地缘安全影响

2008年全球金融危机以后,国际货币金融体系持续动荡,以地区金融安全合作为导向的金融区域主义逐步兴起,且成为一种显著的地缘政治经济现象。金融区域主义对地缘安全的影响主要有两个方面:一是地区金融安全,地区金融主义有助于构筑地区金融安全网络,推动地缘经济整合;二是地缘政治安全,地区金融主义会扩大地区大国的地缘政治影响力以及增加地区排斥外围国家干涉本地事务的能力。金融区域主义产生的这些地缘安全影响对不同的行为主体而言,具有不同的意义。首先,东盟作为地区性的经济共同体,会极力反对东亚大国利用金融区域主义将东盟纳入其势力范围之下,威胁东盟的地缘政治安全环境。其次,作为最大出资方,中日对地区货币金融领导权的争夺变得日趋激烈,且形成了持续的冲突性关系,从而削弱了东亚金融安全合作的政治前景。最后,东亚作为美元回流机制中的关键一环,如果将美国排斥在外,无疑会增加东亚地区与美国的地缘政治矛盾。因而,东亚金融区域主义在兴起的过程中,不仅要看到其稳定地区货币金融秩序的一面,同时也要看到其有可能制造地缘政治安全问题的一面。     

Future targets for Asian regional integration

The central framework of Asian integration is ASEAN+3 and, since its first Summit meeting in 1997, it has advanced regional integration in East Asia. Based on the direct experience of the author, this article presents a critical assessment of the progress made over the past ten years and argues that the ‘Singapore Declaration’ of 2007 is not ambitious enough for the future. An East Asian customs union (EACU) and common regional market should be the next targets for trade integration. In terms of monetary integration, Asia should aim for de-dollarisation and to achieve this it is crucially important to create a regional Asian monetary system (AMS).

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Monetary policy and overinvestment in East Asia and Europe

The paper analyzes the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan, Southeast Asia, and China. Similarly, it is shown how a one-size monetary policy within the European Monetary Union has not preserved the European Monetary Union from idiosyncratic economic development and crisis because of uncoordinated fiscal policies. With monetary policy crisis management being argued to impede financial and economic restructuring, a timely exit from ultra-expansionary monetary policies is recommended for both East Asia and Europe to reconstitute economic stability and growth.     

东亚货币合作的模式选择与中国的对策研究

货币合作是当今国际金融领域的热点议题。从已有的货币合作实践看,基于经济高度一体化的欧洲形成了单一货币形式,即欧元产生;相应的在拉美国家也出现了美元化趋势。而按照Mundell金融稳定性三岛的预言,作为世界经济发展重要一极的亚洲并没有出现单一的货币形式。在面对有缺陷的现行国际货币制度之下,东亚国家需要在现实的经济合作基础之上,选择合适的货币合作模式,推动东亚经济和货币一体化进程。这既是区域经济发展的需要,也是区域经济安全的需要。     

Whither East Asian economic integration? Korea��s regionalization cum globalization strategy

The recent regionalization in East Asia can be defined in terms of regionalization cum globalization. In the case of Europe, regionalization was originally intended to create a preferential and protected area. From its inception, however, regionalization in East Asia emphasized open membership and global liberalization. This so-called open regionalism was then adopted as a fundamental principle of the Asia-Pacific Economic Cooperation (APEC). Given that APEC is an inter-regional institution, however, the concept of open regionalism is not applicable to characterize exclusively Asian integration process that gained momentum on the basis of the ASEAN + 3 framework. For many East Asian countries, a regionalization initiative, especially after the 1997 financial crisis, was a natural response to cope with globalization. Indeed, although East Asian economies are increasingly regionalized, the global market remains crucial and exclusively Asian arrangements are still rare. Globalization and regionalization processes are mutually reinforcing. Singapore is one example that developed into a regional economic hub through the regionalization cum globalization strategy. Given that Korea concluded recently two important free trade areas with the USA and the EU, Korea is also capable of building such a regional economic hub. The first step is to strengthen a cooperation network between the three Northeast Asian countries, China, Japan, and Korea. This network, together with ASEAN, is expected to catalyze the regional integration in East Asia and shape its future evolution.     

东亚贸易演变与产业结构调整

一、东亚经济发展政策的转变 （一）进口替代政策 从二战后到20世纪60年代末，东亚地区整体上处于恢复经济、完善经济结构阶段，重点发展工业，实行进口替代型的工业发展道路。经过20多年的发展，东亚地区建立了比较完整的工业体系，摆脱了对外国产品的严重依赖，     

A three bloc world? The new East Asian regionalism

East Asian governments have engaged in unprecedented collaborationon trade and financial matters since the economic crises of1997. For some observers, such activity, building on a new senseof shared identity forged by resentment at Western responsesto the crises, is a significant step towards the formation ofan East Asian economic bloc. In reality, the new collaborationhas produced only modest results. Neither an East Asian preferentialtrade agreement nor an Asian Monetary Fund is likely to materialize.Underlying power realities and fundamental economic interestsare unchanged. The new interest in negotiating preferentialtrade agreements (many of which are with countries outside ofEast Asia) is best explained by government perceptions of theeffectiveness of such arrangements elsewhere in the global economy,and by a desire to increase bargaining power.     

东亚区域货币合作与我国的参与对策

由美国著名经济学家蒙代尔提出的最优货币区理论为区域货币一体化奠定了理论基础,而欧盟的实践使这一理论变成了现实。东亚金融危机的爆发,加快了东亚区域货币合作的进程。而作为已经加入WTO同时又是东亚最大发展中国家的中国,应该积极参与东亚区域货币合作,并针对这一趋势做出适当的对策选择。     

面向21世纪的东亚经济共同体前景分析

90年代以来 ,东亚地区经济合作在多种动力的推动下 ,突飞猛进地发展。但目前建立东亚经济共同体仍存在着一定的障碍因素。要克服这些障碍 ,加快东亚地区经济一体化的进程 ,就必须调整该地区的大国关系 ,建立多层次的、小范围的区域合作组织 ,并针对东北亚政治经济形势复杂的特点 ,将经济发展与合作放在首位 ,走“以经促政”的道路 ,最终实现建立东亚经济共同体的目标。     

Comparative transformation. Experiences in East Europe and prospects in East Asia

This article1. retraces the origins of the revolutions in East Europe, set against the more retarding socio-political causalities in East Asia,2. benchmarks the sequence of economic transformation in East Europe against the limited and incomplete economic reforms in East Asia,3. sets postcommunist political developments in East Europe against scenarios for political change in East Asia, and4. compares the social crisis in East Europe with prospects for more stable social development in the Confucian cultures of East Asia.The article concludes with the need for negotiated democratic regime change in the remaining Communist dictatorships in East Asia.. While economic structures still require a sustained effort for systemic change towards genuine market economies, its social consequences are expected to be less dramatic than in Eastern Europe.     

U.S. and East Asian Integration

the U.S. is directly impacting on the future of the East Asian community. Therefore, finding ways to get along with the U.S. is crucial to the speed, direction, configuration and character of the East Asian community. In this paper, the author has analyzed the interests of the United States in East Asia and its stands towards the East Asian integration. The author concludes that it is to the interest of the United States to make more efforts to further join in the East Asian integration. And East Asia should accept and welcome the American participation.     

日本-东盟CEP框架下的区域产业分工

2008年4月14日，日本与东盟在京都签署了《日本一东盟全面经济伙伴关系协定》（AJCEP）。AJCEP的签署，这是2002年1月以来日本对东盟经济外交取得的最重大成果。作为一个典型的“南北”型协定，同时也是日本首个与区域经济组织签署的自由贸易协定，AJCEP的出现既是日本对自身经济结构问题、区域经济一体化潮流和东亚区域产业分工发展的一种回应，又必将对今后的东亚区域产业分工格局产生重大影响。     

国际机制在东亚货币合作中的效用性问题

在国际经济体系中,有效的国际制度安排将引起行为体的利益追求以及行为体之间的互动关系发生变化,以致国际关系行为体将在多大程度上遵守国际机制的约束。东亚区域合作具有非正规化、非制度化等特点,东亚货币合作中的机制规范并非完全以制度的形式确定下来。东亚货币合作中的机制属性主要体现在一系列双边和多边的协议中,并且是以基础的机制层次如区域性危机防范、救援机制等为发展点。由于这些发展点具备了机制属性,国际机制在东亚货币合作中的效用性便应得到更多的关注,以使得东亚货币合作能被更好地加以规范和引导。     

U.S. Policy Towards Southeast Asia

Greater East Asia is expected to be the next theatre for world politics. 1 East Asian cooperation is rapidly developing through the channels of ASEAN Plus Three （APT） and East Asia Summit （EAS）, both driven by ASEAN. Southeast Asia is a region of diverse states and cultures that brings together all the major powers of the Asian-Pacific in a myriad of strategic interests. It is thus an open arena with the potential for a variety of strategic game-playing, options, and uncertain outcomes.2 In recent years, China＇s developing relationship with Southeast Asia has undergone a significant shift as the U.S.＇ distraction elsewhere and neglect of the region have created opportunities for an increased Chinese diplomatic and economic role in Southeast Asia.3 U.S. analysts are concerned about what may lie behind this shift in China-ASEAN relations, how it may affect American interests in the region and how best to react to the changes. Some have expressed concerns that to avoid becoming distanced from the region the U.S. should pay more attention to Southeast Asia, rather than just watching from a distance. This paper attempts to analyze the possible changes of U.S. policy towards Southeast Asia in the current context of East Asian Cooperation and its implications for China.     

The security policy of the greens in Italy

This article provides an overview of the current state of financial regionalism in East Asia and discusses why and how the East Asian countries should go forward in terms of financial and monetary regionalism. It highlights intra-regional exchange rate stability as an important regional public good and makes the case for greater exchange rate cooperation. To this end, East Asian countries should gradually reduce their exposure to the US dollar and move towards currency basket regimes which would sustain relative intra-regional exchange rate stability while allowing for sufficient flexibility to accommodate idiosyncratic shocks. Against the backdrop of the global and European financial crisis, the article also urges a reconsideration of the costs and benefits of international – and regional – financial integration and calls for a further strengthening of East Asia's regional financial architecture.     

论东亚货币基金的创建

亚洲金融危机使得东亚地区的货币合作提上日程。《清迈协议》的达成 ,即“10 +3”(东盟 10国加中、日、韩 )框架下的双边货币互换协议的陆续签定 ,标志着东亚区域货币合作迈出了具有历史意义的第 1步。然而 ,货币互换只是货币合作的最初形态 ,随着东亚区域经济一体化的进展 ,货币互换合作必将向更高层次的货币基金合作的方向发展。东亚货币基金的创建不仅是必要的 ,也是可行的。不久的将来EAMF一定会展现在世界人民面前