Research On The Mechanism Of Regional Monetary Cooperation In East Asia

With the development of globalization, the economic communications among different countries become frequently. The connections on the fields of trade, investment, finance are more and more associated. In the process of optimizing the resource distribution, at the same time, the economic crisis happens now and then which is a hammer blow for those countries. The Asian Financial Crisis occurs in the1990s alarms Asian countries that necessity of monetary cooperation is crucial, especially for the regional cooperation. Only can this resist the crisis essentially and enhance the corresponding mechanism, in order to defend the stability of native finance as the core element. During the career in the fight against the crisis, the countries in the East Asia realize gradually that they cannot be powerful enough in the relationship of world economy alone. Therefore, regional monetary cooperation in East Asia is imperative.Currently, the regional monetary cooperation in East Asia has gained remarkable achievements periodically. The effect is so obvious that it will stride forward the goal of the regionalization aftertime. However, the forming of complete mechanism during the cooperation also has a long way to go. As the complexity of East Asia’s situation, the choice of cooperation pattern, including the choices of dominant currency and the anchor currency, and every supporting measure has not taken shape. Consequently, the research of the regional monetary cooperation mechanism in East Asia has its theoretical and practical significance.This dissertation is divided into four parts, has thirty thousand words approximately. The specific contents of every part as followings:The first part is the summary of the regional monetary cooperation mechanism in East Asia. Definite the relative concepts firstly. Then in the consideration of the Asian Crisis in1997attacked those countries seriously, the financial problems revealed in the crisis make the countries recognised the difficulty of corresponding the beats alone. With the limited function of the IMF, those countries desiderate to find a new way to solve the crisis relief through cooperation. Therefore, this part is an analysis of the necessity and constraints on forming (improving) the mechanism, in order to foreshadow the research of the specific systems.The second part discusses the current situations and problems during the cooperation mechanism. If the Crisis in1997is the incentive to the cooperation in East Asia, then The Subprime Crisis happens in the USA in the year of2007is the catalyst of impelling the cooperation further. So this dissertation uses the Subprime Crisis as the dividing crest to discuss the cooperation mechanism before and after respectively. Then explores the problems exist in the mechanism to find the hinder factors in the process of the cooperation improvement.The third part raises the main issues in the process of improving the regional monetary cooperation mechanism, including the choice of proper cooperation pattern on the basis of the situation in East Asia, and the specific measures contains the legal framework, structural establishment, and the monetary system, the dialogue mechanism, the exchange rate coordination mechanism, the supervisory mechanism and the relief mechanism to the forming of complete cooperation mechanism. This part is also the key part of this dissertation.The fourth part analyses the native functions and countermeasures of participating in the process of the cooperation in the view of China. As a powerful country, China should act well as a coordinator and a participant in the process. With the opportunity of the regional monetary cooperation, China should also reply the challenges from the outside world, accelerate the reform of monetary system, advance the international status of the RMB and drive on the process of the sub-regional cooperation positively.