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Currency internationalisation: lessons from the global financial crisis and prospects for the future in Asia and the Pacific

Bank for International Settlements

No 61 in BIS Papers from Bank for International Settlements

Abstract: Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences, seminars and workshops with central banks and supervisory authorities in Asia and the Pacific. The subjects of interest have included improving monetary policy and operations, developing financial markets, maintaining financial stability and strengthening prudential policy. On 19-20 March 2009, the BIS Asian Office and the Bank of Korea co-hosted a high-level seminar on currency internationalisation in Seoul. Participants from 12 central banks as well as academic scholars and BIS economists attended the seminar. The purpose of the seminar was to review experiences of economies in the Asia-Pacific region with currency internationalisation and to assess the prospects for further internationalisation, emphasising the policy implications facing central banks if current trends continue. Lessons learned about currency internationalisation since the intensification of the strains in global markets in mid-2007 were also discussed. This volume is a collection of the speeches, presentations and papers from the seminar.

Date: 2011 Written 2011-12
ISBN: 92-9131-061-1
References: Add references at CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://www.bis.org/publ/bppdf/bispap61.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap61.htm (text/html)

Chapters in this book:

Introduction , pp 1-3 Downloads
Andrew Filardo and James Yetman
Opening remarks , pp 4-5 Downloads
Sung-il Lee
Opening remarks , pp 6-8 Downloads
Már Guðmundsson
Currency internationalisation: an overview , pp 9-18 Downloads
Peter Kenen
Motivations for swap-covered foreign currency borrowing , pp 19-56 Downloads
Anella Munro and Philip Wooldridge
The euro: internationalised at birth , pp 57-74 Downloads
Frank Moss
Internationalising the yen, 1984-2003: unfinished agenda or mission impossible? , pp 75-92 Downloads
Shinji Takagi
The euro and the yen as anchor currencies before and during the financial crisis - comments on Moss's paper "The euro: internationalised at birth" and Takagi's paper "Internationalising the yen, 1984-2003: unfinished agenda or mission impossible?" , pp 93-104 Downloads
Robert McCauley
Internationalisation of the renminbi , pp 105-124 Downloads
Haihong Gao and Yongding Yu
Comments on Gao and Yu's paper "Internationalisation of the renminbi" and Chen, Peng and Shu's paper "The potential of the renminbi as an international currency" , pp 149-150 Downloads
Frank Song
Dealing with the benefits and costs of internationalisation of the Korean won , pp 151-171 Downloads
Kyungsoo Kim and Young Kyung Suh
Progress towards internationalisation: the Korean and Singaporean experiences - comments on Kim and Suh's paper "Internationalisation of the won" and Luke Goh's paper "Singapore dollar's evolution away from non-internationaliation" , pp 172-179 Downloads
Atchana Waiquamdee
Internationalisation of currency in East Asia: implications for regional monetary and financial cooperation , pp 180-197 Downloads
Yung-Chul Park and Kwanho Shin
Comments on Park and Shin's paper "Internationalisation of currency in East Asia: implications for regional monetary and financial cooperation" , pp 198-201 Downloads
Rizal A Djaafara
A generation of an internationalised Australian dollar , pp 202-217 Downloads
Ric Battellino and Michael Plumb
Comments on Gopinath's paper "An internationalised rupee?" and Battellino's paper "A generation of an internationalised Australian dollar": a journey through time , pp 218-220 Downloads
Diwa C Guinigundo
Currency internationalisation: analytical and policy issues , pp 221-230 Downloads
Hans Genberg
Panel discussion , pp 231-232 Downloads
Akinari Horii
The recent experience of the Korean economy with currency internationalisation , pp 233-242 Downloads
Gwang-Ju Rhee
Panel discussion , pp 243-247 Downloads
Grant Spencer

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