MONETARY COOPERATION IN EAST ASIA: A WAY FORWARD

Kee Jin Ngiam and Hazel Yuen
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Kee Jin Ngiam: Department of Finance and Accounting, NUS Business School, National University of Singapore, Singapore
Hazel Yuen: Department of Finance and Accounting, NUS Business School, National University of Singapore, Singapore

The Singapore Economic Review (SER), 2001, vol. 46, issue 02, 211-246

Abstract: This paper provides a theoretical justification for regional credit facilities such as currency swap arrangements in East Asia to ward off currency attacks and deter would be speculators. It also presents a case for monetary integration in East Asia. However, in view of the diverse economic, social and political background among the East Asian economies, a practical approach is to start off with a few small monetary unions rather than a large monetary union in the region. Lessons are drawn from a highly successful, but little known, monetary union between Brunei and Singapore.

Date: 2001
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DOI: 10.1142/S0217590801000346

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