Study Of Regional Financial Cooperation In East Asia

The beginning of the 20th century, 70s, financial globalization has been developing rapidly. Gradually, to developed countries for the pilot, there has been a wave of financial liberalization of financial deregulation and the easing the control of capital flows. The wave swept through the majority of developing countries soon. Financial globalization and liberalization posed a severe challenge on the sovereign state. Strengthening regional financial cooperation is an inevitable choice to sovereign country that has to cope with the international environment and its dynamic changes. The success of the euro in practice has set a good example for regional financial cooperation. And the development of the theory of regional financial cooperation provides a theoretical guide to the regional financial cooperation.East Asia is concerned; the 1997 Asian financial crisis has brought a painful lesson to East Asian economies. Facts have proven that: regional financial cooperation must be worked at least on the crisis early warning and prevention, to avoid the crisis through the "contagion effect" to spread rapidly and cause the serious damage to the economic. After a decade of efforts, at present, the East Asian financial cooperation has achieved initial success: reaching the "Chiang Mai Initiative", setting up all levels of policy dialogue mechanism, establishing Asian Bond Fund and so on, these measures have made some progress to effectively prevent the financial crisis, promote regional stability and cooperation and lay a foundation for future further development of the East Asian monetary and financial cooperation. However, the bad convergence of the East Asian economies, bad mobility of factors of production, low level of financial market integration and other economic factors as well as political, ethnic, religious, cultural and other differences. So that East Asia is unlikely to establish a regional monetary union and achieve a single currency at the recent. Regional financial cooperation in East Asia will be an asymptotic-based long-term process. East Asia for their own specific circumstances, it is necessary to research and explore suitable development routes of financial cooperation in East Asia. By virtue of China's unique position in East Asia, We also have a need to explore the role of China and the countermeasures.The thesis starts from the background and the opportunity of the East Asian financial cooperation. At the basis of the substantial progress and challenges, the thesis analyzes the feasibility and constraints in the East Asian financial further cooperation and put forward the basic concept of the East Asian financial cooperation and the model selection of East Asian monetary integration. It analyzes the location and strategic choice of china in the development of East Asia financial cooperation. Depending on the role of China in co-operation and Development, put forward Chinese strategic measures with a view to promoting financial cooperation common development and prosperity in East Asia and China.This article is divided into a total of six chapters. These chapters will unfold according to the following thoughts: Chapter I:Introduction. First of all, the paper introduces the process of raising the question and the purpose and significance of the study, Summary of domestic and international research literature of theory of financial cooperation in East Asia. This study explains the ideas and research methods of the thesis, and describes the framework structure and innovation.Chapter II: The background and the opportunity of the East Asian financial cooperation. This chapter first describes the financial liberalization and integration to accelerate the pace of financial reform in East Asia., and then introduces the experience of the European euro and the dollarization in Latin America. Finally, the article describes that the East Asian financial crisis is the fuse of the East Asian financial cooperation.Chapter III: Progress and the new challenges of the East Asian financial cooperation. This chapter first reviewed the progress in financial cooperation in East Asia, that is, "Chiang Mai Agreement" before the East Asian financial cooperation, the currency exchange process of "Chiang Mai Initiative"and the Asian Monetary Fund. The paper gives a analysis of new challenges brought about by the Global economic imbalances and the financial crisis in the United States.Chapter IV: The analysis of feasibility and constraints in the East Asian financial further cooperation. First of all, make a feasibility analysis of the East Asian financial cooperation from the three aspects of the economic openness, the degree of market integration and macroeconomic similarity. And on the constraints of East Asian financial cooperation are discussed in detail.Chapter V: Development plan of financial cooperation in East Asia. First, the chapter put forward the basic concept of the East Asian financial cooperation. Conduct a comparative analysis between European monetary integration and monetary integration in the Americas, and it draw inspiration on monetary cooperation in East Asia. It ultimately proposes the path options and policy coordination of East Asian monetary integration.Chapter VI: Financial cooperation in East Asia and China's Strategic Choice. This chapter analyses of the status, the significance and role of China's participation in the East Asian financial cooperation, and put forward the principles and objectives of China's participation in the East Asian financial cooperation, as well as the development strategies of internal reform and external coordination.