Policy Analyses APEC Study Series
발간물
Working Papers
저자 Pravin Krishna, Jiyoung Choi, and Tae-Hoon Lim 발간번호 14-05 자료언어 English 발간일 2014.12.30
The crisis in 2007-08 has provoked a recurring discussion about the necessity of transforming the international monetary system and enhancing the alternative or complementary insurance mechanism of regional financial arrangements to fend off shocks. In the paper, we propose two ways to strengthen a regional financial arrangement in East Asia to make a practical contribution to the global architecture reform agenda and to build a resilient economy: (i) establishing a currency arrangement under CMIM framework to increase the usage of local currencies; and (ii) creating a cooperative framework between the AMRO and the IMF in the area of surveillance.
I. Introduction
II. Considerations on the Status Quo
III. Challenges for the CMIM Framework
IV. Approach 1: Establishing and Operating an Asian Currency Scheme
1. Background and Motivation
2. Phase I: Using Local Currencies in Trade Settlement
3. Phase II: Enhancing the Investment Opportunities and Developing Interbank Foreign Exchange Market
4. Phase III: Full Capital Account Liberalization
5. Potential Benefits and Risks
V. Approach 2: Addressing the Issue of Conditionality and Surveillance Capacity
1. Background and Motivation
2. Policy Option: Collaboration with the IMF to Enhance Regional Surveillance
VI. Conclusion
Appendix
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