Study On The Current International Monetary System Of The Monetary Cooperation In East Asia

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.However, the complexity of the status in East Asia makes monetary cooperation difficult, and many scholars have also made fruitful research on it. In this paper, on the basis of previous studies, first review the history and status of regional monetary cooperation and sum up its lessons with the success or failure, and then based on the existing Theory of Optimum Currency Areas let an in-depth study on whether the East Asian region is an OCA, point the difficulties and advantages of the East Asian 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.