The Research On East Asian Currency Cooperation In The Perspective Of The Economic Impact

In currently regional monetary cooperation is an important field of academicresearch and discussion, As an important part of the world economic pattern，theEastern Asia attract a lot of attentions in its monetary cooperation. In1997, theoutbreak of the Asian financial crisis have created a huge impact on the developmentof East Asian economies, After a lapse of ten years, an international financial turmoilinduced by the U.S.“sub-prime mortgage crisis”quickly sweep the world, Again tocreated a serious impact on the East Asian economies. Twice financial crisis gives usa profound lesson that, in the context of economic globalization, no country canescape the clutches of the financial crisis, any single country alone is difficult to resistthe impact of the international financial crisis. Frequently outbreak of financial crisismakes countries in the region recognizing the importance and urgency of regionalmonetary cooperation, the significance of a single currency become more prominent.Under the guidance of the theory of optimal currency area and the economicimpact from the symmetry point of view, this paper uses the SVAR models to analyzemonetary cooperation in East Asia. The economic impact is decomposed intostructural shocks that supply shocks and demand shocks,study the area’s impact issymmetry or not,and as a standards to judge whether it is feasibility to be theOCA.this paper argues that the current East Asia does not have to build a singlecurrency area, but may consider China and ASEAN countries to build sub-regionalmonetary cooperation in advance.