International And Regional Monetary Cooperation Model Study

The last ten years of 20th century, disturbance and crisis emerged one after another in international field; present international monetary system is facing great challenge. Heart of the contradiction is shown as the attack of international capital flow to a country's monetary and exchange rate regime. To cope with the attack, avoid financial turbulence and seek to economic stability, regional monetary cooperation and monetary integration become a trend of international monetary system. Now monetary integration is spreading out with two paths, one is unite money Euro, the other is Dollarization, the East Asia area are also exploring the effective path of monetary cooperation.This thesis studies emphatically the pattern of international regional monetary cooperation and make a comparative analysis of three different patterns, the Euro-pattern of single currency union, the Dollarization pattern of currency substitution, and the "10+3"pattern of East Asian monetary cooperation .On the basis of analysis and positive study, the thesis reaches its conclusion that there are not regular pattern of regional monetary cooperation, the key is to choose and design a pattern which fits the area's own characteristic .The pattern can only head for mature and improvement when it experiences a process of dynamic and continual development and innovation. As to East Asian monetary cooperation, the author takes an optimistic view and holds that it is a trend to perform a single currency in East Asia, phrased and multilevel monetary cooperation is a present choose.The thesis is made up of three parts:First part, the Euro pattern of single currency union .The author starts from "a theory of optimum Currency Areas "and a cost-income analysis of joining optimum currency area, providing a theoretical background for the Euro pattern. Then with the practice of European monetary integration, the paper fazes on the innovation of Euro pattern to international monetary system.Second part, the Dollarizaiton pattern of currency substitution .By the theory of currency substitution, the paper brings nature of Dollarization, on the basis of which, explain reasons, advantages and disadvantages of dollarization.Third part," 10+3"pattern of East Asian monetary cooperation .The author firstly make a necessity and possibility analysis of Euro pattern, then give a comparative analysis of Euro pattern and Dollarization pattern, on which design and choose a fitful pattern for the East Asian monetary cooperation. This part also makes an analysis of the phrase and process of East Asian monetary cooperation.