The Study On Economic Foundations And Political And Economic Effects Of The Monetary Cooperation In East Asia

During the development of the economic integration and the financial globalization, the international monetary cooperation become the core topic in financial and monetary fields. The importance of the monetary cooperation in East Asia has been generally recognized after the Asian financial crisis in 1997. The severity and the infectious of the Asian financial crisis show that a single country or region does not have enough financial strength to against the crisis, and can not contain the spread of the crisis effectively, East Asian countries are beginning to realize the importance and the urgency of the regional monetary cooperation. The global financial crisis caused by U.S. subprime mortgage crisis also challenged to the financial stability in East Asia.. The studies on theories and practice of the monetary cooperation in East Asia started.The purpose of the monetary cooperation is to prevent and resolve the financial crises that may arise. East Asian countries have been trying to explore how to prevent the financial crises by enhance the regional monetary cooperation, the cooperation has achieved some results. The information exchange, the regulation of capital flows, the urgent aid mechanism and the coordination of the macroeconomic policy between the countries have made some progress. As a milestone of the monetary cooperation in East Asian, "Chiang Mai Initiative" signed in 2005 has taken a welcome step on discussing how to guard against the financial crisis effectively, and how to promote the stability of the regional financial. In addition, the co-supervision mechanisms at all levels and the start of the Asian Bond Fund, also laid the foundation for the development of the monetary cooperation in East Asia. Boao Forum accelerate to establish the regional foreign exchange reserve in Asian 2010, also help to enhance the ability of preventing the risk and responding the challenge, and to Strengthen the power of the international financial institutions to maintenance the regional financial stability.This article is about the real conditions and the feasibility of the monetary cooperation in East Asia based on OCA theory, the structure of the article as follows:Chapter one expounds the significance of this study, the overseas and domestic research and the framework, and defines the concept and scope of East Asia and the international monetary cooperation; The second chapter analyzes the international monetary cooperation theory, expounds the generation, the main content and the development of OCA theory and financial crisis theory; The third chapter is about the economic base and the main developments of the East Asian monetary cooperation. We can analyze the real conditions and the theoretical possibility of East Asian monetary cooperation according to the traditional standard of OCA and the GG-LL analytical method. And then is the driving force by the financial crisis and the main developments of the monetary cooperation in East Asian; Chapter four analyzes the relationship between the monetary cooperation, the economic cooperation and the political cooperation, analyzes the political and economic effects of the monetary cooperation in East Asia.In short, whether to analyzes from the point of the traditional OCA criteria, such as the factor mobility, the economic openness and the integration of the macroeconomic policy, or compares with EU using the cost-benefit analytical method, all of these show the possibility of the establishing of the currency area in East Asia, it Provides a theoretical support and guidance for the future development of the monetary cooperation.