This paper deals with the forward-looking framework of policy dialogue and economicsurveillance in East Asia, based on analysis of the necessities, constraints and difficulties,together with criteria for effective sur...This paper deals with the forward-looking framework of policy dialogue and economicsurveillance in East Asia, based on analysis of the necessities, constraints and difficulties,together with criteria for effective surveillance. It proposes a roadmap for strengthening themechanism for surveillance in East Asia, with the emphases on defining different phases,designing possible approaches and identifying the key elements for better surveillance in theregion. The study suggests that there should be three phases for forming strong institutionalizedregional surveillance. It also discusses possible moves in the second phase with focus on theimportance of specifying surveillance coverage and improving statistical infrastructure.The paper points out that the success of establishing a firmly institutionalized surveillancemechanism in East Asia, to a large extent, relies on a common understanding among thecountries in the region on the following issues: the necessity of a common monetary regime,the vital importance of statistical infrastructure and the essential elements of politicalconsideration.展开更多
Pegging the RMB exchange rate to the Asian short term, been proved a better solution than currency unit （A CU） has not, at least in the pegging to the US dollar or pegging to a G- 3 （US$, Japaneseyen and euro） cur...Pegging the RMB exchange rate to the Asian short term, been proved a better solution than currency unit （A CU） has not, at least in the pegging to the US dollar or pegging to a G- 3 （US$, Japaneseyen and euro） currency basket. Although the Asian currency unit can help Asian economies to keep the relative price of regional currencies stable, the cost of joining a formal regional monetary cooperation is the relinquishment of the autonomy of their domestic policies. Asian monetary cooperation needs to provide more potential benefits if it is to attract Asian economies. We argue that Asian monetary cooperation should be designed to solve the problem of regional trade imbalance, and regional exchange rate policy coordination should be adopted as the first step towards exchange rate cooperation.展开更多
文摘This paper deals with the forward-looking framework of policy dialogue and economicsurveillance in East Asia, based on analysis of the necessities, constraints and difficulties,together with criteria for effective surveillance. It proposes a roadmap for strengthening themechanism for surveillance in East Asia, with the emphases on defining different phases,designing possible approaches and identifying the key elements for better surveillance in theregion. The study suggests that there should be three phases for forming strong institutionalizedregional surveillance. It also discusses possible moves in the second phase with focus on theimportance of specifying surveillance coverage and improving statistical infrastructure.The paper points out that the success of establishing a firmly institutionalized surveillancemechanism in East Asia, to a large extent, relies on a common understanding among thecountries in the region on the following issues: the necessity of a common monetary regime,the vital importance of statistical infrastructure and the essential elements of politicalconsideration.
文摘Pegging the RMB exchange rate to the Asian short term, been proved a better solution than currency unit （A CU） has not, at least in the pegging to the US dollar or pegging to a G- 3 （US$, Japaneseyen and euro） currency basket. Although the Asian currency unit can help Asian economies to keep the relative price of regional currencies stable, the cost of joining a formal regional monetary cooperation is the relinquishment of the autonomy of their domestic policies. Asian monetary cooperation needs to provide more potential benefits if it is to attract Asian economies. We argue that Asian monetary cooperation should be designed to solve the problem of regional trade imbalance, and regional exchange rate policy coordination should be adopted as the first step towards exchange rate cooperation.
