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This book explores the opportunities and limits of currency cooperation in East Asia. Currency issues play an important role in the region. The Asian crisis of the late 90s was rooted in deficient currency arrangements. The Chinese RMB is not freely convertible yet, but policymakers in China nevertheless aim for a more international role of the Chinese currency. The recent change of direction in Japanese monetary policy caused a drastic depreciation of the Yen and led to warnings against a possible “currency war”, thus demonstrating that currency issues can also easily lead to political frictions. Most trade in and with the East Asian zone on the other hand is still conducted in US $. Against this background different modes of currency cooperation serve the goal of smoothing exchange rate fluctuations and capital flows. They are an important element to promote financial stability and to reduce the transaction cost for foreign trade or investment. The contributions of this book analyze the environment and design of currency cooperation in East Asia and their effects from a macro-and microeconomic viewpoint.

Macroeconomics --- Methodology of economics --- Finance --- Economic policy and planning (general) --- Economics --- Business management --- Business economics --- financieel management --- bedrijfseconomie --- economie --- economische politiek --- macro-economie --- East Asia

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Competition, International --- China --- Japan --- Foreign economic relations --- Foreign economic relations

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This book presents contributions by leading academics and practitioners from central banks to shed light on the function and impact of cash in Asian countries. It explores the impact of cash on society, the role of cash in monetary policy, and the future of cash in various monetary systems, contrasting case studies from China, Japan, Korea, and Singapore with experiences from Europe.  Recently the role of cash in the economy has become a much-discussed topic in Europe, but the issue is also of considerable relevance in Asia. Singapore and South Korea, for example, are relatively advanced in the use of cashless payments for daily exchanges, while countries like Japan still largely rely on cash for a wide range of transactions. Some economists argue for the abolition of cash so as to facilitate transactions, reduce the monetary scope of criminal transactions, and expand the available options for monetary policy through negative interest rates. Opposing voices claim that such a step would reduce the freedom of individuals and lead to a greater potential for monetary repression. The abolition of cash could also significantly impact the public’s monetary psychology, thereby influencing their inflation expectations, portfolio structure, saving behavior, and other important monetary parameters.

Banks and banking. --- Macroeconomics. --- Asia --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Banking. --- Asian Economics. --- Political Economy/Economic Policy. --- Economic conditions. --- Banks and banking, Central --- East Asia --- Economics --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Asia-Economic conditions. --- Economic policy. --- Economic Policy. --- Economic nationalism --- Economic planning --- National planning --- State planning --- Planning --- National security --- Social policy --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Asia—Economic conditions. --- Financial services industry. --- Macroeconomics and Monetary Economics. --- Financial Services. --- Services, Financial --- Service industries

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This book presents contributions by leading academics and practitioners from central banks to shed light on the function and impact of cash in Asian countries. It explores the impact of cash on society, the role of cash in monetary policy, and the future of cash in various monetary systems, contrasting case studies from China, Japan, Korea, and Singapore with experiences from Europe.  Recently the role of cash in the economy has become a much-discussed topic in Europe, but the issue is also of considerable relevance in Asia. Singapore and South Korea, for example, are relatively advanced in the use of cashless payments for daily exchanges, while countries like Japan still largely rely on cash for a wide range of transactions. Some economists argue for the abolition of cash so as to facilitate transactions, reduce the monetary scope of criminal transactions, and expand the available options for monetary policy through negative interest rates. Opposing voices claim that such a step would reduce the freedom of individuals and lead to a greater potential for monetary repression. The abolition of cash could also significantly impact the public’s monetary psychology, thereby influencing their inflation expectations, portfolio structure, saving behavior, and other important monetary parameters.

Macroeconomics --- Private finance --- Economic policy and planning (general) --- Economics --- internationale economische organisaties --- internationale economische politiek --- banken --- economische politiek --- macro-economie --- bankwezen --- East Asia --- Asia

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Macroeconomics --- Economic policy and planning (general) --- Foreign trade. International trade --- Economics --- International financial management --- economie --- economische politiek --- wereldeconomie --- macro-economie --- internationale economie --- Asia