Edited by Jan Toporowski and Jo Michell
Chapter 1: Asian monetary union
An Asian monetary union has been proposed by a number of policy-makers and researchers, in particular since the 1997 Asian financial crisis. The financial crisis led countries affected to reconsider their banking systems and exchange rate regimes in order to control exchange rate fluctuation and to preserve a relatively stable macroeconomic environment and financial market in the region. Growing economic integration in recent years has strengthened macroeconomic links across East Asia, which suggests that it is increasingly important for the region’s economies to achieve intraregional exchange rate stability. Currency union (i.e., monetary union) can be viewed as the extension of a fixed exchange rate regime. A monetary union is believed to bring some benefits to the whole region as well as the individual country, including reduced transaction costs, reduced economic uncertainty, enhanced policy discipline and credibility and improved functioning of the monetary mechanism.
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