The Per Jacobsson Lecture: Asian Monetary integration: Will It Ever Happen?

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Business and Economics , International - Economics , Exports and Imports , Finance , Money and Monetary Policy , Public Finance , MISC PERIOD , Misc , managing director of the IMF , export destination , Asia , fixture of the Annual Meetings , CEIC database , representatives of the Association , Currencies , Financial integration , Monetary unions , Exchange rate policy , Public expenditure review , Asia and Pacific , Europe , Southeast Asia

Also of interest

Markets and Government before, during, and after the 2007-20xx Crisis

Summary

This paper discusses the need for Asian Monetary Integration. The original motivation for proposals for Asian monetary Integration had to do with a desire to reduce Asia’s susceptibility to shocks, particularly financial shocks. There was also a broader sense that Asia had to be more self-reliant and gain fuller control over its destiny. The objectives are about growth, about greater trade integration, about spurring greater cross-border flows of investment within Asia, and about promoting the integration and deepening of financial markets. This paper highlights that financial market integration has lagged substantially behind trade integration, and this is why Asian saving surpluses are intermediated largely through financial markets outside Asia.