East Asian Monetary Regimes and Comparison with the European Case: A Stock-Flow Consistent Approach
The Asian crisis of 1997 has shown the limits of a simple dollar peg policy and of a market-driven regional integration without formal institutions. During the 2000s a lot of efforts have been devoted to improve monetary and financial cooperation at the regional level, especially with the Chiang Mai and the Asian Bond Market initiatives. But results have been limited, mainly due to political issues associated to the competition between China and Japan. The financial crisis of 2008 has given new interest to the question of monetary cooperation at the regional level.
- Couharde C, Mazier J (2001) The equilibrium exchange rates of European currencies and the transition to the Euro, Applied economics, vol 33. Routledge, London, pp. 1795–1801Google Scholar
- Jeong S-E, Mazier J, Saglio S (2012) Given the heterogeneity of Asian countries, is a monetary integrationor coordination possible? In: Boyer R, Uemura H, Isogai A (eds) Diversity and transformation of Asian capitalisms. Routledge, LondonGoogle Scholar
- Keynes JM (1941) Proposals for and International Clearing Union. 15 December 1941, Collect Writings 25:74Google Scholar
- Mazier J, Valdecantos S (2014) A detailed representation of the eurosystem and the current crisis in the eurozone: a stock-flow consistent approach’, CEPN, working paper, no. 2014-02Google Scholar
- Mazier J, On M, Valdecantos S (2014) East Asian monetary regimes: a SFC approach, CEPN, working paper 2014-11Google Scholar
- Williamson J (1998) The case for a common basket peg for East Asian currencies. In Collignon S, Pisani-Ferry J, Park YC (eds) Exchange rate policies in emerging Asian countries, Routledge, LondonGoogle Scholar