Monetary and Financial Integration in East Asia

Abstract

East Asia's recent economic integration is in many ways similar to that undergone by Western Europe following the Second World War. The book analyses the Asian experience from both Asian and European perspectives. The two regional evolutions share a number features but the political, historical, and economical differences are significant enough to warrant caution in drawing lessons. Even though the quest for exchange rate policy stability has been a longstanding common concern, the European experience — and its monetary union — does not always transfer successfully to Asia. Successes and failures in both regions are highlighted, and suggestions are made for future policy and practice in monetary and financial integration. Particular areas of focus are: Asia's response to the 1997–8 crisis; the euro area's framework for monetary policy implementation, introduced in 1999; initiatives for financial cooperation and macroeconomic surveillance; and the East Asian reliance on markets in a globalized world that makes it difficult for the region to achieve the deep integration seen in Europe. The implications of the recent global financial crisis are also examined although the book has been completed before the public debt crisis hit Europe and forced important policy measures.

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