| Monetary cooperation is a research hot pot of the international finance. As an important part of the world economic pattern the Eastern Asia attract a lot of attentions in its monetary cooperation .After the Asia Finance Crises had broken out the Eastern Asia have strengthened cooperation in monetary the function of CMI & ABF and some institutes were important achievements of this process.This paper, relying on the theory of Optimum Currency Areas, highlighting the endogenous optimal currency area theory, monetary cooperation in East Asia make a qualitative analysis. In the first section of chapter, mainly from the meaning of monetary cooperation, mainly divided into three main phases: the preparatory phase of monetary cooperation, monetary union, monetary integration. This paper also describes the costs and benefits of monetary cooperation, cost, mainly from the spillover effects of monetary cooperation, feedback effects and the coordination of economic policies. Among them, using game theory matrix analysis and GG-GL curve on a country choose to join the currency area are described. The theory has a long history of international monetary cooperation, this article first chapter II chose the more representative of the traditional theory of currency areas, mainly Mundell of factor mobility standards, McKinnon, economic openness, standards, Peter. Kennan's products diversity in theory, Ingram's financial integration standards, Haberler, and Fleming's similar standards of inflaction. The traditional theory of optimum currency areas pay attention to a specific set of criteria to measure a currency area, but ignore their own strengthening effect of the currency area .The first section of chapterâ…¡focuses on the framework of the theory of endogeneity of the optimum currency area whose main representatives are Frankel and Rose. Theory of Optimum Currency endogenous regional monetary co-operation from the first point of the trade creation effect that monetary co-operation will reduce the cost of trade. The second point focuses on the symmetry of economic shocks that economic shocks consistent and extent of such countries is equal so that the monetary policy responding to economic shocks can be consistent coordination of economic policies in order to maintain the currency area stability eventually. Chapter II Section II stresses on the practice of theory of the endogeneity of optimum currency area. The EU is the world's more successful currency area. Examining the self-strengthen role of European monetary integration of the euro area, the authenticity for the theory of optimum currency area is self-evident. First, examine the EU's intra-regional trade among the countries; re-examine the EU's intra-industry trade between countries, mainly taking Germany and Belgium for example .The practice shows the promotion of European Union countries and the intra-regional trade among the EU countries of intra-industry trade role is obvious because of euro. we look at European countries that the impact of the economic cycle synchronization symmetry once again. We take the economic output of the EU countries and non-EU countries of as the main reference for the correlation coefficient obtained in the European Union's economic output are highly relevant, while the EU countries and non-EU countries, the relevance of economic output is relatively low and even is a negative correlation, which shows the EU business cycle is convergence at some extent . Two conclusions can be drawn from the above, the theory of the endogeneity of optimal currency area complies with the practice of the euro area is more in reality.Chapter III mainly focus on trade integration of east Asian countries and business cycle convergence to verify that the applicability of the theory of the endongeneity of optimum currency area in East Asia. Chapter III examines the intra-industry trade .The actual data indicated that East Asian countries, countries in the region has very closed trade ties based on the continuous strengthening,which is hope to achieve and surpass the level of European Union in 1980s; As the intra-industry trade is concerned, Taking the intra-industry trade of East Asian countries and the intra-industry trade between ASEAN and China for example, we can conclude that the trade between the East Asian countries have come to the main intra-industry trade. Section II examines the business cycle convergence of the East Asian countries, primarily focusing on the similarity of inflation and economic growth of East Asian countries .The study has shown that similarity of inflation of East Asian countries and economic growth are highly correlated, indicating the business cycle convergence of the East Asian countries is very high. We can learn that the theory of the endonggeneity of Optimum Currency Area complies with the East Asian currencies and has a self-strengthen effect from the above.Chapter IV mainly topics of the process of monetary integration in East Asia, the problems and disputes, as well as the path selection of the East Asian monetary integration. Section I focuses on the process of monetary integration in East Asia and the existing problems. The process of monetary cooperation in East Asia mainly related to the Chiang Mai Initiative, establishment of mechanisms of cooperation and monitoring, the Asian Monetary Fund and stranding of the Asian dollar .The problems of monetary cooperation in East Asia mainly related to the absence of anchor currency in East Asia, which is the biggest problem. Moreover, East Asian countries exist political conflicts which is a major obstacle to the East Asian monetary cooperation. Section II main topics on the select of the path of East Asian monetary integration .Firstly it must identify the principles of East Asian monetary integration. the short-term goal of East Asian monetary integration is to establish a sound co-supervision mechanism. The process of monetary integration must have a special organization. Furthermore, it improves a multilateral currency swap mechanism within the region. The long-term goal of Monetary Cooperation in East Asia is to build long-term stability of the monetary cooperation. Achieving the goal of the currency integration of East Asian countries still is very unrealistic. So the long-term goal of East Asian monetary integration is sub-regional monetary cooperation. The establishment of sub-regional monetary cooperation and monetary integration is achieved firstly, and then to achieve the overall regional monetary integration, finally achieve the ultimate goal of monetary integration... |
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