| Project/Area Number |
16330058
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | The University of Tokyo |
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Principal Investigator |
KAWAI Masahiro The University of Tokyo, Institute of Social Science, Professor (30186051)
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| Project Period (FY) |
2004 – 2005
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| Project Status |
Completed (Fiscal Year 2005)
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| Budget Amount *help |
¥5,800,000 (Direct Cost: ¥5,800,000)
Fiscal Year 2005: ¥2,400,000 (Direct Cost: ¥2,400,000)
Fiscal Year 2004: ¥3,400,000 (Direct Cost: ¥3,400,000)
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| Keywords | Asian Currency crisis / Economic Regionalism / Interdependence / Monetary union / Local public goods / Free trade agreement / International liquidity support / Financial cooperation / 政策の一貫性 / 東アジアの経済的相互依存 / 経済統合の制度化 / 東アジアの為替レート制度 / 東アジアの金融アーキテクチャー / チェンマイ・イニシャチブ / サーベイランス / アジア債券市場 / アジア通貨単位(ACU) |
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| Research Abstract |
This paper has demonstrated that the East Asian economies have achieved strong macroeconomic interdependence, particularly through domestic structural reforms, external liberalization and market-driven integration with the global and regional markets. Expansion of foreign trade, direct investment and financial flows has created a "naturally" integrated economic zone in East Asia. Japan and Korea are highly interdependent with emerging East Asia-except for China. China has yet to achieve sufficient macroeconomic interdependence with East Asia, but it appears to be a mater of time before China exhibits high degrees of interdependence given its persistent economic transition, marketization and liberalization. The United States exhibits strong nominal interdependence but, surprisingly, not real interdependence. An important reason for this is that the United States is subject to supply shocks that are different from those affecting East Asia, while it has traditionally provided a nominal anchor role for East Asia through the latter's pegging to the U.S. dollar.
Reflecting the rising economic interdependence and in response to the traumatic financial crisis of 1997-1998, East Asia has embarked on various initiatives for regional financial stability. Such initiatives include the establishment of the regional surveillance mechanism, introduction of a regional liquidity support system (CMI) and Asian bond market development. These essentially entail institutionalization of deepening financial integration and macroeconomic interdependence in East Asia in a way that complements global financial architecture.
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