Research On Problems Of Eastern Asia's Monetary Cooperation And Monetary Competition

Financial globalization is the most important component of the economic globalization, and the accession to financial globalization is very necessary for economic development of Eastern Asia's countries. The Asian Financial Crisis in 1997 has brought misery lessons. Later, every country in Eastern Asia is struggling to explore how to defend financial crisis through strengthening regional monetary and financial cooperation. Chiang-Mai Initiative and the establishment of policy communication mechanism, as well as the construction of Asian Bond Fund, have provided the basis of Eastern Asia's monetary cooperation. However, if the further development need be realized, the problems of exchange rate mechanism for Eastern Asia should be solved. During the process of construction, monetary competition is unavoidable. The strong currency will win in the competition, become the core currency of monetary alliance, and play a dominant role. However, on the background of deepening monetary cooperation, which currency will gain the advantage and become a nucleus has been a problem urgent for solvent.The paper regards the analysis on Eastern Asia's monetary cooperation as starting point, summarizes the cooperation and competition theory basis and its current development on Eastern Asia, and analyzes the feasibility of Eastern Asia's cooperation and reality of monetary competition from the viewpoint positive analysis, so complements and perfects the theory of Eastern Asia's monetary cooperation. And meanwhile, it emphatically analyzes the risks and obstacles that Eastern Asia will face, and brings forward the plans for Eastern Asia's further development, which is a practical significance for reference.The paper is composed of nine parts, involving preface, conclusion and the main body involving seven chapters.Preface, it mainly involves the research background and its significance, the current research in foreign and domestic countries, main contents and research methods as well as explanation on related conceptions.Chapter One, researches on the development history of international currency. It mainly expounds the currency development is always the combination of monetary cooperation and monetary competition, from the emergence and development of currency, the derivative process of international currency system, and development of regional monetary cooperation.Chapter Two, researches on the theory of monetary cooperation. It systemically analyzes the theory of currency non-nationalization. It tries to seek the theory foundation of Eastern Asia's financial cooperation through comment on the occurrence, development and the latest situation of the regional monetary cooperation theory. Chapter Three, researches on the monetary competition theory. It systematically analyzes the currency non-nationalization theory, and currency substitution theory as well as the law of currency competition. This chapter aims at revealing the deepening motive reasons, and providing the theory basis for the research on problems of regional currency competition.Chapter Four, researches on the positive of Eastern Asia's monetary cooperation and competition. Firstly, it expounds the statically positive analysis of Eastern Asia's monetary cooperation, this chapter emphatically analyzes and investigates the economic basis of Eastern Asia, according the OCA theory, therefore, it inquires the feasibility of Eastern Asia's monetary cooperation; Secondly, it compares the currency competition between China and Japan, and investigates the competitiveness of China and Japan's currency. This chapter's aim is to explore the feasibility of Eastern Asia's monetary cooperation and competition from the economic aspect.Chapter Five, researches on the comparison and revelation of Europe and America. Firstly, it researches on the model of European monetary cooperation. Secondly, it researches on the model of American monetary cooperation. These two models will be expounded through five parts. Finally, it compares the two models from the seven aspects such as the motive reasons, exchange rate system, so as to provide experiences for the Eastern Asia's monetary cooperation.Chapter Six, researches on the problems of Eastern Asia's monetary cooperation under the situation of monetary competition. Firstly, it analyzes the current situation from the viewpoint of history process. Secondly, it analyzes the difficulties of Eastern Asia's monetary cooperation. Finally, it expounds the costs and benefits of Eastern Asia's monetary cooperation. This chapter aims at bringing forward the possible orientation for the future development of Eastern Asia's monetary cooperation through dissecting the obstacle factors and costs and benefits.Chapter Seven, researches on the problems of Eastern Asia's competition under the monetary cooperation. Firstly, from the beginning of Japanese Yen internationalization, it analyzes the current situation of Japan's currency; from the condition of RMB$'s overseas circulation, it analyzes the necessity of RMB Asianization. Secondly, it concludes impact of monetary competition between China and Japan on monetary cooperation, from the pros and cons. This chapter aims at concluding that both J$ and RMB$ can't become regional anchor currency, and haven't fulfill the conditions of regional currency competition. From the economic and financial viewpoint, the deepening monetary cooperation, instead of monetary competition between J$and RMB$, should be pushed forward, which will better the situation of China and Japan.