초록

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Abstract ▼ AI-Helper

Since the outbreak of the East Asia crisis in 1997, many of the East Asia countries consider seriously forming a common currency area and the Asian financial crisis highlighted the need for some form of institutional arrangement to prevent such crises, and to manage more effectively. Also, it is obs...

Since the outbreak of the East Asia crisis in 1997, many of the East Asia countries consider seriously forming a common currency area and the Asian financial crisis highlighted the need for some form of institutional arrangement to prevent such crises, and to manage more effectively. Also, it is observed that in East Asia increasing number of bilateral FTAs have been initiated, and some degree of financial and monetary cooperation and integration has been established. This paper investigates prospects of Economic Integration and currency union in East Asia, based on the recent literature and some empirical analyses. In general, a currency union induces benefits of increased trade by lessening transactions costs, but at the same time, costs of losing dependent monetary policy. This study focuses on the interests and roles of China-Japan-Korea. Regional economic integration has been led by both economic and political motives. What matters most in seeking economic and monetary integration is the political will do so rather than the economic incentive to do so. According to the paper, South Korea, Japan, and China should tighten trilateral policy coordination instead of hastily pursuing a regional integration.

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