Stability, Efficiency Concept and East Asian Regional Exchange Rate Cooperation Mechanism

Author: Jin Yuying
Publisher:
Publish Date: 2004-03-01
Features: Regional currency cooperation has been a major transformation in the international monetary system since the late 20th century and will also become a mainstream trend in the international monetary system of the 21st century. Existing theories of currency cooperation and research on East Asian regional exchange rate cooperation are still immature, with limited guiding capacity for practical East Asian regional exchange rate cooperation. Based on this, this book focuses on researching the mechanism of East Asian regional exchange rate cooperation. Existing research on East Asian regional exchange rate cooperation is essentially based on existing theories of exchange rate cooperation, directly starting from East Asia and analyzing East Asia from East Asia. This book breaks this research perspective. The reason is that to study East Asian regional exchange rate cooperation, one must first study exchange rate behavior to grasp the authorities and approaches that effectively influence exchange rates. This book first sets aside exchange rate cooperation theories and East Asian regional exchange rate cooperation, taking exchange rate behavior as the background, to re-examine theoretically and empirically two decisive propositions related to exchange rate regime choice, attempting to uncover institutional choices and design principles that align with exchange rate behavior. These two propositions are named "Stability Concept" and "Efficiency Concept" in this book and have always served as the basic basis for exchange rate regime choice. The second step of this book is to use the exchange rate selection principles derived from the above two concepts and the conclusions drawn from the evaluation of existing exchange rate cooperation theories, further combined with the specific conditions of the East Asian region, to discuss the mechanism of East Asian regional exchange rate cooperation and related issues. The book is divided into seven chapters, with the seventh chapter being a summary and outlook, mainly pointing out the significance and achievements of this book's research and the directions for further research on this topic.