Abstract

Contents: Foreword by Richard N. CooperIntroductionProspects for Monetary and Financial Integration in East Asia: Dreams and DilemmasKoichi Hamada, Beate Reszat and Ulrich VolzPART I: THE POLITICAL ECONOMY OF REGIONAL INTEGRATION1. The ASEAN Economic Community and the European ExperienceMichael G. Plummer and Reid W. Click2. The Political Economy of the European Economic and Monetary Union Negotiations and Implications for East AsiaHeungchong Kim3. International Political Conflicts and Economic IntegrationKoichi Hamada and Inpyo LeePART II: DEVELOPING BOND MARKETS IN EAST ASIA4. Learning by Doing in Market Reform: Lessons from a Regional Bond FundGuonan Ma and Eli Remolona5. Currency Denomination in Asian Bond MarketsEiji Ogawa and Junko ShimizuPART III: EXCHANGE RATE POLICIES IN EAST ASIA: THE ROLE OF THE DOLLAR6. East Asia's Role in the Revived Bretton Woods SystemMichael Dooley, David Folkerts-Landau and Peter Garber7. Current Account Surpluses and Conflicted Virtue in East Asia: China and Japan under the Dollar StandardRonald McKinnon and Gunther SchnablPART IV: TOWARDS MONETARY INTEGRATION IN EAST ASIA?8. Three Cases for Monetary Integration in East AsiaUlrich Volz9. Monetary and Exchange Rate Policy Coordination in ASEAN+1William H. Branson and Conor N. HealyPART V: CURRENCY BASKETS FOR EAST ASIA?10. Capital Markets and Exchange Rate Stabilization in East Asia - Diversifying Risk Based on Currency BasketsGunther Schnabl11. Asian Currency BasketsJohn Williamson12. The Role of an Asian Currency UnitMasahiro KawaiPART VI: THE ROLE OF CHINA13. The Illusion of Precision and the Role of the Renminbi in Regional IntegrationYin-Wong Cheung, Menzie D. Chinn and Eiji Fujii14. Institutional and Structural Problems of China's Foreign Exchange Market and the RMB's Role in East AsiaZhang Jikang and Liang YuanyuanReferencesIndex

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