Monetary Integration With The Asian Regional Monetary Cooperation In Research

The history of international monetary system is the history of people' choice for credit order symbolized by currency. After the experience of all kinds of gold standard system, Bretton Woods System and Jamaica System, the internatinnal monetary system presented a trend of interregional rate adjustment and arrangement. The successful origination of Euro in European Union and currency co-operation in Middle-North America and "dollarization" in Latin America are the concrete manifestations of the trend. In 2030, there will be two major currency areas in the world: European currency area and American currency area. As one of the most important economic powers in the world, it is necessary for all the Asian countries to reinforce interregional financial adjustment and co-operation. In the dissertation, through the analysis of Asian economy, finance and politics, the author concludes that the integration level of economic and finance in Asia is constantly raised, and the key economic index of major countries and districts also gets to be identical gradually, but generally speaking, the foundation for currency co-operation is still not firm, and not completely satisfy the standards of a currency area. The future trend of Asian monetary arrangement is single currency, but the process of the development is gradual and step-by-step. The process can be divided into three levels: the first is to establish an interregional organization of financial co-operation; the second is to set up an Asian rate system; the third is to finally change to Asian single currency area. Though it is very difficult to establish an Asian currency union, it is still worth expectation. The dissertation mainly contains five chapters:The first chapter introduces the backgrounds of monetary integration and Asian Currency co-operation as well as the present studies in the academic circles at home and abroad.The second chapter introduces the process of the theory of Optimum Currency Area (OCA). And sets out the origin and backgrounds of monetary integration from the aspect of the historical development of international monetary system, thus expounds its characteristics and paths.The third chapter deals with the successful practice of monetary integration, thatIIis, the European monetary integration and the birth of Euro. The author firstly reviews the historical course of European monetary integration and then analyzes its internal operational mechanism and practical difficulties, in view of the current operational state of Euro.The forth chapter mainly analyzes the current economic situation of Asia according to the theory of OCA and concludes that the Asian monetary co-operation can only be carried out at a very low level. The obstacles in economy, culture and politics should be cleared away if further co-operation is to be established.In the end, the author makes a conclusion of the whole article. It is held that the degree of economic and financial integration in Asian is increasing and some major economic indexes are also identical, but on the whole, the foundation for money co-operation is still very weak, which doesn't satisfy the standards for the establishment of OCA. Although there are many difficulties and there is still a long way to go, it is worth looking forward to.