An Inquiry Into The Issue Of East Asian Monetary Integration

Under the background of the rapidly developing on the Economic Globalization and Regional Economic Integration, most of the countries in the world, especially emerging developing countries, have imperfect financial mechanism and fragile financial markets. Coupled with the deepening of the open trends, once the financial crisis appears, it will spread to all countries rapidly. Therefore, a country cannot face the large-scale economic impact and financial risks by itself. The trade, investment and economic cooperation between East Asian countries are growing closer. As a result, the process of East Asian Economic Integration is very smooth. So speed up the process of monetary integration in East Asia is the developing trend of East Asian Economic Integration, and also the necessary requirement for political and economic cooperation.The theoretical basis of this dissertation is Optimum Currency Areas Theory and the theory of monetary cooperation in political economy perspective. The author also makes a further comparative analysis through the review of the practice of the Euro Area and Latin America, with a view to bring useful lessons to East Asian Economic Integration. Finally, this dissertation analyses China's real situation, status and role in the process of East Asian Economic Integration, and gives a coping strategies on China's participation in East Asian Economic Integration. The dissertation is structured as follows:This dissertation consists of ten parts. Chapter I introduces the background and the significance of this topic, the basic concepts and an overview of relevant research areas. Chapter II introduces the common analysis of Monetary Integration; Chapter III introduces Optimum Currency Areas Theory, and the theory of monetary cooperation in political economy perspective. In Chapter IV, the author analyses the necessity and feasibility of East Asian Monetary Integration. In Chapter V, the author analyses the foundation of East Asian Monetary Integration, the advantages and disadvantages of East Asian Monetary Integration. Chapter VI summarizes the historical background and external pressure to the East Asian monetary Integration. In Chapter VII, the author illustrates the monetary integration in the Europe and Latin America, and takes a good example for East Asia. The main idea of Chapter VIII is discussing the choice on the model and the path of East Asian Monetary Integration. In Chapter IX, the author tries to find a right way for China in East Asian Monetary Integration through analyzing the important role of China. At last, Chapter X makes a conclusion of this dissertation, and gives a revelation and workable proposal in East Asian Monetary Integration.This dissertation describes the Optimum Currency Areas Theory and the theory of monetary cooperation in political economy perspective, which used to explain the regional monetary integration, and analyses the necessity, feasibility and basic conditions of East Asian Monetary Integration based on related theory. Then it gives the mode and the path choice of East Asian Monetary Integration. The author also reviews the monetary integration practice in the Europe and Latin America from a practical point of view, and makes a comparative analysis of them in order to take a good example for East Asia.This dissertation draws some revelations: first, East Asia Monetary Integration needs East Asia Economic Integration to be its material basis. East Asia Monetary Integration is inseparable from the promotion of e East Asia Economic Integration, because there is no rapid rise of monetary integration, without the economic integration. Second, the political will of each member is a decisive force in the process of East Asia Monetary Integration, which can not be ignored. Third, the financial institutions beyond countries and a unified monetary policy consultation is an important guarantee for East Asia Monetary Integration. Fourth, the core countries of East Asia Monetary Integration will play a leading role in the boost of East Asia Monetary Integration. Fifth, East Asia Monetary Integration should be selected Multiple Monetary Union Model as the cooperation model, and gradually establish the Regional Crisis Rescue Organization, the East Asian Currency Linkage Mechanism, and ultimately realize the goal of the single currency area in East Asia.Finally, the dissertation gives China's strategic choice of policy recommendations under the East Asia Monetary Integration cooperation mode: China should take a positive response to East Asia Monetary Integration, meanwhile, China should strengthen domestic economic development, implement the financial market reform, and meet the challenges of East Asia Monetary Integration in a more solid economic foundation and a more robust market economy.