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Beyond the Dollar and the Euro: Reshaping the International Monetary System Through Regional Monetary Cooperation in East Asia

Yung Chul Park and Il Houng Lee


  • Hardcover
    $152.85
ISBN: 9789814749435
ANNOTATION:
Since the 2008 global financial crisis, the debate on the reform of the international monetary system (IMS) has gained new momentum.
Beyond the Dollar and the Euro: Reshaping the International Monetary System Through Regional Monetary Cooperation in East Asia
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  • Hardcover
    $152.85
ISBN: 9789814749435
ANNOTATION:
Since the 2008 global financial crisis, the debate on the reform of the international monetary system (IMS) has gained new momentum.

Annotation

Since the 2008 global financial crisis, the debate on the reform of the international monetary system (IMS) has gained new momentum.

Publisher Description

Since the 2008 global financial crisis, the debate on the reform of the international monetary system (IMS) has gained new momentum. It questioned the desirability of the current system's excessive reliance on the US dollar despite the fact that the US financial system has proven to be less than perfect, and US monetary policy stance has not been in tune with the business cycle of the rest of the world. However, attempts to reform the IMF or strengthen regional safety nets have not produced material results. With the challenges in the euro area persisting, the dollar is very likely to stay as the main reserve currency for the foreseeable future.Against this background, this book prescribes concrete steps on how to shape an alternative monetary system that will be a win-win solution to all without having to strike an international agreement on a new global governance structure. It proposes to use the RMB - already in motion to become an international currency - to become the third pillar without the need for China to open its capital account prematurely.For policy makers, this book will help them rethink how they can approach the problems facing the IMS. For the general readers, it will offer them a comprehensive view on what the international monetary system is about, what the problems are, and how these problems can be addressed. In particular, it will equip them with a better sense of what currencies they will need to carry when traveling around the world, or in what currencies they should hold their wealth in the coming decades.

Author Biography

Yung Chul Park is Professor of Economics at Seoul National University and a member of National Economic Advisory Council. He was an ambassador for International Economy and Trade, Ministry of Foreign Affairs and Trade, 2001-2002 and Chairman of the board at the Korea Exchange Bank in Seoul, Korea,
1999-2001. He previously served as the Chief Economic Adviser to President Doo Hwan Chun of Korea and as a member of the Central Bank of Korea's Monetary Board. He has also held positions at Harvard University, Boston University and the International Monetary Fund.

Table of Contents

Overview; Issues and Challenges of International Monetary Reform; East Asia Perception of the Global Safety Net, IMF; Use of National Currencies for Trade Settlement in East Asia: A Proposal; Shaping the Future of the IMS: Regionalization of Selected Asian Currencies; Conclusion;

Product Details

Author
Yung Chul Park, Il Houng Lee
Publisher
World Scientific Publishing Company
Language
English
ISBN-10
9814749435
ISBN-13
9789814749435
Media
Book
Format
Hardcover
Year
2016
Subtitle
Reshaping the International Monetary System Through Regional Monetary Cooperation in East Asia
Country of Publication
Singapore
Short Title
BEYOND THE DOLLAR & THE EURO
Pages
176
Illustrations
black & white illustrations
Publication Date
2016-07-18