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Monetary Cooperation In East Asia: A Way Forward

Author

Listed:
  • KEE JIN NGIAM

    (Department of Finance and Accounting, NUS Business School, National University of Singapore, Singapore)

  • HAZEL YUEN

    (Department of Finance and Accounting, NUS Business School, National University of Singapore, Singapore)

Abstract

This paper provides a theoretical justification for regional credit facilities such as currency swap arrangements in East Asia to ward off currency attacks and deter would be speculators. It also presents a case for monetary integration in East Asia. However, in view of the diverse economic, social and political background among the East Asian economies, a practical approach is to start off with a few small monetary unions rather than a large monetary union in the region. Lessons are drawn from a highly successful, but little known, monetary union between Brunei and Singapore.

Suggested Citation

  • Kee Jin Ngiam & Hazel Yuen, 2001. "Monetary Cooperation In East Asia: A Way Forward," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 46(02), pages 211-246.
    • Handle: RePEc:wsi:serxxx:v:46:y:2001:i:02:n:s0217590801000346
    DOI: 10.1142/S0217590801000346
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    Cited by:

    1. Quah, Chee-Heong & Ho, Yew-Joe, 2020. "Economic Feasibility of Malaysia and Singapore-Brunei Monetary Reunion: A Scrutiny during Major Financial Crises," Asian Journal of Applied Economics, Kasetsart University, Center for Applied Economics Research, vol. 27(1).
    2. Peter B. Kenen & Ellen E. Meade, 2006. "Monetary integration in East Asia," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    3. Richard Pomfret, 2003. "Formation and Dissolution of Monetary Unions: Evidence from Europe, and Lessons for Elsewhere," School of Economics and Public Policy Working Papers 2003-03, University of Adelaide, School of Economics and Public Policy.
    4. Chee‐Heong Quah & Patrick M. Crowley, 2010. "Monetary Integration in East Asia: A Hierarchical Clustering Approach," International Finance, Wiley Blackwell, vol. 13(2), pages 283-309, August.

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