An Analysis Of Monetary Cooperation In East Asia From The Perspective Of International Institutional Theory

The theory of international institutions is the focus and the hot areas in the fieldof international relationships. Since it’s rising from the1970s, the scope and intensitythat it can explain continue expansion and enhancement on many issues ininternational relationships as its developing and maturing. With the democratizationof international political relations and the further development of the wave ofeconomic globalization and regional integration, using the international regimetheory to explain the current international political and economic issues in thecommunity is greatly concerned.1997Southeast Asian financial crisis and the2008financial crisis has had asevere impact on the East Asian region, and the present U.S. dollar-dominatedinternational monetary system has a big disadvantages, which makes the East Asiancountries recognize the necessary for cooperation in financial and monetary withinthe region, the development of economic globalization and regional economicintegration provided the conditions for the cooperation in East Asia. East Asiancountries have put forward different ideas of??monetary cooperation, and put theminto practice on this basis, such as the10+3cooperation framework and "Chiang MaiInitiative" under the currency swap, but the East Asian cooperation has differentfeatures with the EU or the other monetary cooperation, including the importantpoint is that the non-institutionalized cooperation. The theory of internationalinstitutions provides a unique perspective in analysis monetary cooperation in EastAsia, and different paradigms (paradigm of power, interest of paradigm, concept ofparadigm) of the theory can provide different explanations from differentperspectives a on monetary institutionalize cooperation in East Asia, from theanalysis you can conclusion that the institutionalization of regional monetarycooperation has a great significance, and non-institutionalization has become animportant obstacle to monetary cooperation in East Asia. In the view of optimalCurrency Area theory, there is a certain gap in East Asia, because the economicdevelopment in East Asia is unbalance; And from the effectiveness of the international institutions, the cost-benefit of??international institutions constructionis difficult to determine; area Cooperation suffered the impact of external factorsparticularly such as the U.S. dollar and the US and the regions internal interestscoordinate difficulties are obstacles factors to monetary cooperation in East Asiainstitutionalized impediments, this paper analyzes factors of institutionalizedcooperation in the East Asian currency from the four dimensions, and the purpose isto draw appropriate countermeasures for East Asian monetary cooperationinstitutionalization. East Asian monetary cooperation should adhere certainprinciples based on the characteristics of the region, attention to the construction ofthe existing cooperation system, attention to U.S. factors, and as the majorgeopolitical economic power in the region, China should build a positive affected onthe institutionalization of the region based on its own interests.This paper conducted assessment on monetary cooperation in East Asia in anew perspective and approach, hoping to make up non-institutionalized deficienciesin East Asian monetary cooperation, and promote monetary cooperation in East Asia,and put it into institutionalized orbit, which not only prevent retrogression ofcooperation, but also to prevent future financial instability and crisis in this region.