Advancing Regional Monetary Cooperation [electronic resource] : The Case of Fragile Financial Markets /
Mühlich, L.author.
This book examines regional monetary cooperation as a strategy to enhance macroeconomic stability in developing countries and emerging markets. Interdisciplinary case studies on Southern Africa, Southeast Asia and South America provide a cross-regional perspective on the viability of such strategy.
Description based upon print version of record.
Cover; Title; Copyright; Contents; List of Figures; List of Tables; Foreword; Acknowledgments; List of Abbreviations; 1 Introduction; South-south and north-south regional monetary cooperation and integration; Introducing non-neutrality of money into regional monetary integration theory; Comparative research on regional monetary cooperation; Structure of the book; Part I Drivers of Regional MonetaryCooperation; 2 Global Instability and "Monetary Regionalism"; 3 Monetary Policy Choices of Southern Economies; The two-corner perspective; The regional dimension of exchange rate regimes
Regional monetary policy optionsDollarization won't do the trick; Regional monetary cooperation and integration; Monetary policy constraints of southern economies; Balance sheet effects; Original sin; Transactional networks; Conflicted virtue; Some weak currencies don't make a strong one?; 4 Fragile Financial Markets; Determinants of financial market development; Exchange rate regime choice, exchange rate volatility, and financial market development; Financial market development as a source of financial instability; Part II New Perspectives on RegionalMonetary Cooperation andIntegration
5 A Modern Exchange Rate Theory PerspectiveBeyond optimum currency area theory; The endogeneity argument: dynamic effects of regional monetary integration; Considering exchange rates as asset prices; 6 A Strategy to Achieve Macroeconomic Stability?; Regional mutual liquidity support; Regional co-insurance versus national self-insurance; Regional diversification of risk versus regional convergence; Different purposes: regional co-insurance and financial market development; Regional exchange rate arrangements; Protecting regional economic integration
Buffering negative effects of economic shocksRegional exchange rate arrangements and transactional networks of currencies; Financial market development in regional exchange rate arrangements; Regional multilateral financial institutions to promote financial market development; 7 Asymmetric Regional Monetary Cooperation; The role of a regional anchor currency; Asymmetric regional monetary integration: the example of the European Monetary System; In the absence of a regional anchor; 8 Reconsidering Economic Costs; Part III Regional Monetary Cooperationin CMA, ASEAN/ASEAN+3, andMERCOSUR
9 Case Selection and DataExisting and projected south-south regional monetary cooperation; The cases; The data; Case studies; 10 Common Monetary Area (CMA); Historical background of regional cooperation in Southern Africa; Economic context of the foundation of CMA; Key characteristics of regional monetary cooperation in the CMA region; Regional exchange rate stabilization around an anchor currency in CMA; Regional financial market development around South African financial markets in CMA; CMA in a nutshell; 11 Association of Southeast Asian Nations (ASEAN/ASEAN+3)
Historical background of regional cooperation in Southeast Asia
Includes bibliographical references and index.
This book examines regional monetary cooperation as a strategy to enhance macroeconomic stability in developing countries and emerging markets. Interdisciplinary case studies on Southern Africa, Southeast Asia and South America provide a cross-regional perspective on the viability of such strategy.
International economics.
Development economics.
Macroeconomics.
Regional economics.
Spatial economics.
International Economics.
Development Economics.
Macroeconomics/Monetary Economics//Financial Economics.
Regional/Spatial Science.