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文件名:  ogawa Toward an Asian Currency Union.pdf
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迈向亚洲货币单位,Toward an Asian Currency Union,by Eiji Ogawaa,Kentaro Kawasakib,发表于July 28, 2001,Abstract: After East Asian countries experienced the Asian currency crisis, it has been regarded that regional financial cooperation in East Asia is necessary among East Asian countries in order to prevent a currency crisis in the future as shown in the Chiang Mai Initiatives by ASEAN + 3 (China, Japan, and Korea). These movements give us momentum to activate policy dialogues in a field of international monetary arrangements among East Asian countries. This paper has an objective to consider a common currency area in East Asia, which is expected to be an important topic in policy dialogue among East Asian countries in the future. Our experience of the Asian currency crisis remind us of a fact that the de facto dollar peg was dangerous for East Asian countries. It follows that we should create a common currency that has linkages with not a single major currency but a currency basket. The EU has created a single common currency, the euro, which was based on the European Currency Unit (ECU). In the case of the ECU, member country currencies were linked with the ECU consisted of the member country currencies while the ECU was floating against the US dollar and the Japanese yen. A possible common currency in East Asia will be contrast to the ECU.


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