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
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Citations: View citations in EconPapers (14)
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Chapters in this book:
- Introduction , pp 1-3
- Andrew Filardo and James Yetman
- Opening remarks , pp 4-5
- Sung-il Lee
- Opening remarks , pp 6-8
- Már Guðmundsson
- Currency internationalisation: an overview , pp 9-18
- Peter Kenen
- Motivations for swap-covered foreign currency borrowing , pp 19-56
- Anella Munro and Philip Wooldridge
- The euro: internationalised at birth , pp 57-74
- Frank Moss
- Internationalising the yen, 1984-2003: unfinished agenda or mission impossible? , pp 75-92
- 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
- Robert McCauley
- Internationalisation of the renminbi , pp 105-124
- 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
- Frank Song
- Dealing with the benefits and costs of internationalisation of the Korean won , pp 151-171
- 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
- Atchana Waiquamdee
- Internationalisation of currency in East Asia: implications for regional monetary and financial cooperation , pp 180-197
- 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
- Rizal A Djaafara
- A generation of an internationalised Australian dollar , pp 202-217
- 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
- Diwa C Guinigundo
- Currency internationalisation: analytical and policy issues , pp 221-230
- Hans Genberg
- Panel discussion , pp 231-232
- Akinari Horii
- The recent experience of the Korean economy with currency internationalisation , pp 233-242
- Gwang-Ju Rhee
- Panel discussion , pp 243-247
- Grant Spencer
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