East Asian Monetary Cooperation: Course And Route

After the Southeast Asian financial crisis, encouraged by the success of the EU as well as the needs of current conditions, the East Asian monetary cooperation has been put on the agenda. The signing of Chiang Mai agreement marks towards the first pace of monetary cooperation in East Asia. People often compare the significance of the East Asian monetary cooperation with the success of the EU, and expect that after the integration of the East Asian currencies the Asian dollar will be with phase separation the dollar, the euro.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 then through the evaluation of the East Asian monetary cooperation plan, the author gives a market-oriented plan about the East Asian monetary cooperation. Finally, this article further suggest that China should be gradually play a greater role in the process of the East Asian monetary cooperation, which has put forward policy recommendations.