The Analysis On East Asia Regional Cooperation

Since the nineteen nineties, regional economic integration is developing rapidly. The most meaningful thing is the euro. The start of euro has set a good example for other regional monetary cooperation. Compared with other regional monetary integration, the process of the Asian monetary integration is relatively slow. Although the East Asian monetary cooperation has made certain progress after the1997financial crisis, also obtained certain achievement, the2008financial crisis fully exposed that the East Asia currency cooperation mechanism is apparently insufficient. Under this situation, we have to think about the current East Asian monetary cooperation. What kind of model does The East Asian monetary cooperation should choose? How does the monetary cooperation in East Asia develop? Where is the RMB and yen in East Asia Monetary Cooperation’s position? The research of these significant problems can further promote the monetary cooperation in East Asia.This article is based on the theory of optimum currency areas and international political economics theory. It compares and analyzes several international regional monetary integration modes, including the euro pattern, dollar pattern and Africa monetary cooperation mode. Then it put forward East Asia currency cooperation mode and its evolution path which is demonstrated from two aspects of theory and empirical study. This article puts forward related suggestions on how to further promote East Asia Monetary Cooperation.About the feasibility of monetary cooperation in East Asia, this article discuss it form many aspects, such as the economic point of view, the level of economic development and trade product structure, the industry structure, the business cycle synchronization and the inflation similarity; then based on the international political economics theory, it discuss several countries’Asian strategy and its national interests. This paper argues that the international political and economic factors are critical factors in the process of monetary cooperation in East Asia.After the comparison of the Europe, United States and Africa monetary cooperation pattern and the analysis on the East Asia currency cooperation, we come to the conclusion as follow. The East Asian monetary cooperation should choose the monetary union mode, and take the construction of regional currency area as the long-term goal in the process of the East Asian monetary cooperation.About the evolution path of The East Asian monetary cooperation, this paper presents three-step strategy.in the early stage, it should focus on establishing the legal system and the cooperation mechanism; in the middle stage, the emphasis should be the establishment of the East Asian exchange rate cooperation mechanism; the final stage is mainly to cooperate the three sub-region currency regions and finally to achieve a single currency.