Discussion Of Monetary Integration In East Asia

The East Asian Monetary Integration(EAMI) has aroused extensive attention and many disputes. Then how should we look at the question?The present paper thinks there is momentous current significance for the EAMI, and in spite of many difficulties at present, we still have great hope. So we should make great efforts to push it forward. While the development of practice needs the theoretical guidance. So the paper has made a profound and comprehensive analysis about the current significance, the feasibility and the option of optimum way of the EAMI. I try my best to seek a way to the EAMI which is suitable for the characters of the East Asian Areas. The major content of the paper is planned as follows:Introduction: Reviewing and commenting on the major literatures about monetary integration of the Eastern Asia, and presenting the research means of the paper.Chapter One: Summarizing the Western major theory of monetary integration and making a detailed explanation about it, which lays a theoretical foundation for the following.Chapter Two: Analyzing and probing into the current significance of the EAMI. In the chapter, I have made profound analysis for the current significance of the EAMI from four aspects including: The development and change of international monetary system,the prevention of financial crisis,the internal and external conflicts of macroeconomic policies ,the political and economic benefits. At the same time, I have tried to question the traditional theory of "three difficult options", on which I based my new explanation to the significance. It is one of new theoretical creations.Chapter Three: By the theory of monetary integration, comparing the reality of the economic devepment in the Eastern Asia with that in Europe, I have analyzed the feasibility of the monetary integration in the East Asia from two aspects including the advantageous and disadvantageous conditions.Chapter Four: Based on the previous theoretical analysis, after making full consideration about the features of the East Asian Areas, I put forward a way to the monetary integration which is fitful for the features of the regions and I think the monetary integration of the regions should be a gradual process. On the basis of economic integration, we should first push forward the monetary integration in sub-regions.Then by the policy coordination between the sub-regions,we realizefinally the monetary integration of the whole East Asian regions-a single currencyarea.At the same time,I have presented two kinds of intervening ways including preventive intervention and compulsory intervention to keep the exchange rate stable in East Asian regions. These above are also my theoretical creations.