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Use of national currencies for trade settlement in East Asia : A proposal

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  • Use of national currencies for trade settlement in East Asia
  • Lee, Il Houng; Park, Yung Chul
  • Korea Institute for International Economic Policy


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Title Use of national currencies for trade settlement in East Asia
Similar Titles
Sub Title

A proposal

Material Type Reports
Author(English)

Lee, Il Houng; Park, Yung Chul

Publisher

[Seoul]:Korea Institute for International Economic Policy

Date 2014-04
Series Title; No KIEP Staff Papers
Subject Country China(Asia and Pacific)
Indonesia(Asia and Pacific)
Japan(Asia and Pacific)
Malaysia(Asia and Pacific)
Philippines(Asia and Pacific)
Singapore(Asia and Pacific)
South Korea(Asia and Pacific)
Thailand(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding KIEP

Abstract

Despite a few landmark achievements such as the Chiang Mai Initiative, financial deepening and
monetary integration in East Asia has been slow. Meanwhile, proliferation of FTAs and China’s
successful accession to the WTO have enabled faster progress on trade integration among the East
Asian economies. Building on the expanding intra- regional trade, we suggest creation of a
multilateral currency arrangement where some of the national currencies could be used for trade
settlement within the cooperative framework of ASEAN+3. This would facilitate closer financial
integration and greater flexibility of the Asian currencies against the US dollar without being kept
captive by the slow progress in capital account liberalization in some countries. (The rest omitted)