Study On The Proper Exchange Rate System In Eastern Asian Economic Integration And Monetary Cooperation

The international policy coordination becomes a kind of inevitable request under the economic globalization condition, and the monetary cooperation is an important respect among them. At present, the building Eastern Asian economic integration goes with the tide of regional economic integration and becomes the focus of attention.Nowadays there are three important regional economic groups——EU, the NorthAmerican Free Trade Area and the Asian economic region. Professor Mundell, the Nobel economics Prize winner in 1999, once prophesied there would appear three currency areas over the next 10 years: Euro Area, U.S. dollar Area and Asian Currency Area, that is to say," Three Islands of Financial Stability" will become basic frameworks of the international monetary system in future. EU and the North American Free Trade Area have built their own regional currency system. However, the Asian region is still in the state of disunity. Eastern Asian countries or areas does not copy the European economic integration model completely, but adopts the model of simultaneous economic integration and financial integration. And the Eastern Asian currency cooperation now stands on the middle of the international stage due to international currency structure reforming to balance the contrastive power of international currencies and keep financial stability. The ponderous shock of the Asian financial crises made the Eastern Asian countries or areas wake up soberly to the importance of regional currency cooperation. Regional currency cooperation as a dynamic procedure has the long-term and gradual features. Therefore, Asian currency cooperation should follow the rule from primary stage to the advanced stage. This thesis mainly focuses on the exchange rate system in the near future, due to the tremendous differences in politics, social, historical and financial aspects between Asian countries and areas.The author describes the research field in chapter one; in chapter two, the author describes the background and the contents in different stages of EACC and explains the position and function of Exchange Rate Coordination Mechanism in East Asia ; and discusses the theoretical bases to choose the proper exchange rate system in chapter three, analyzing separately the "internal anchor", "external anchor" and" combinational anchor" exchange rate coordination mechanism, together with the...