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Use of National Currencies for Trade Settlement in East Asia: A Proposal

Author

Listed:
  • Lee, Il Houng

    (Korea Institute for International Economic Policy)

  • Park, Yung Chul

    (Korea University)

Abstract

Despite a few landmark achievements such as the Chiang Mai Initiative, financial deepening and monetary integration in East Asia has been slow. Meanwhile, proliferation of FTAs and China's successful accession to the WTO have enabled faster progress on trade integration among the East Asian economies. Building on the expanding intra- regional trade, we suggest creation of a multilateral currency arrangement where some of the national currencies could be used for trade settlement within the cooperative framework of ASEAN 3. This would facilitate closer financial integration and greater flexibility of the Asian currencies against the US dollar without being kept captive by the slow progress in capital account liberalization in some countries.

Suggested Citation

  • Lee, Il Houng & Park, Yung Chul, 2014. "Use of National Currencies for Trade Settlement in East Asia: A Proposal," Staff Papers 14-1, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepsp:2014_001
    DOI: 10.2139/ssrn.2495181
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    Cited by:

    1. Niftiyev, Ibrahim, 2024. "Azərbaycan-Özbəkistan İnvestisiya Fondunun İqtisadi Potensialının Qiymətləndirilməsi [Assessment of the Economic Potential of the Azerbaijan–Uzbekistan Investment Fund]," MPRA Paper 120699, University Library of Munich, Germany.
    2. Jianxu Liu & Mengjiao Wang & Songsak Sriboonchitta, 2019. "Examining the Interdependence between the Exchange Rates of China and ASEAN Countries: A Canonical Vine Copula Approach," Sustainability, MDPI, vol. 11(19), pages 1-20, October.

    More about this item

    Keywords

    Regional Financial Arrangement; Regional Financial Integration; Currency Internationalization; International Monetary System;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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