Perspectives on Monetary Cooperation in East Asia |

Perspectives on Monetary Cooperation in East Asia

The presentation will consider the issue of monetary cooperation in East Asia from three angles: a new perspective on the correlation of domestic aggregate demand and aggregate supply shocks across economies in the region, the current heterogeneity of monetary policy frameworks of central banks, and the possible conflict between further financial liberalization and coordination of exchange rate policies. An overarching theme of the presentation will be that while similarity of shocks may constitute an argument for monetary cooperation, or eventually unification, between some sub-set of economies in the region, it must be recognized that monetary coordination may at times conflict with domestic objectives. It is therefore important that strategies for cooperation do not damage central bank credibility and do not provide opportunities for market speculation against the participating central banks. With this in mind, it is suggested that transitions towards greater monetary integration and cooperation should focus on objectives of policies and institutional arrangements rather than on the setting of policy instruments. The presentation will be based on the following three papers:
  • Genberg, H. “Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?”. Exchange-Rate Arrangements and Financial Integration in East Asia International Economics and Economic Policy, Volume 3, Numbers 3-4, December 2006, pp. 359-77.
  • Genberg, H, and - D. He. “Monetary and Financial Cooperation among Central Banks in East Asia and the Pacific”. Hong Kong Monetary Authority Working Paper 15/2007, 5 November, 2007.
  • Genberg, H and P. Siklos. “Revisiting the Shocking Aspects of Asian Monetary Unification”.How Do Macroeconomic Developments in Mainland China
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Hans Genberg, Executive Director, Research at the Hong Kong Monetary Authority; Director of the Hong Kong Institute for Monetary Research

Wednesday, 17 December 2008
12.15 p.m. - 1.30 p.m.
Seminar Room 3-5, Level 3, Manasseh Meyer, Lee Kuan Yew School of Public Policy, 469C Bukit Timah Road, Singapore 259772

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