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Monetary and Financial Cooperation in East AsiaThe State of Affairs After the Global and European Crises$
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Masahiro Kawai, Yung Chul Park, and Charles Wyplosz

Print publication date: 2015

Print ISBN-13: 9780198714156

Published to Oxford Scholarship Online: May 2015

DOI: 10.1093/acprof:oso/9780198714156.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 June 2021

A View from the Republic of Korea

A View from the Republic of Korea

Chapter:
(p.198) 8 A View from the Republic of Korea
Source:
Monetary and Financial Cooperation in East Asia
Author(s):

Yung Chul Park

Chi-Young Song

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198714156.003.0008

This chapter examines the role of Korea in promoting financial and monetary cooperation in East Asia. This process has been constrained by a lack of cooperation between China and Japan, the two dominant economies. The rise of China as a global economic power makes cooperation even more complicated. Korea finds a dwindling room for mediation between conflicting interests. The 2007–9 global financial crisis has called for a review of Korea’s exchange rate policy and its strategy for regional financial and monetary cooperation. The Chiang Mai Initiative went through its first market test and the outcome has not been reassuring. No country considered approaching China and Japan, although several faced liquidity shortages. RMB internationalization will weaken solidarity and undermine both the rationale and cooperative efforts for moving forward with cooperative initiatives, simply because neither Japan nor Korea can join the new RMB area.

Keywords:   Korea, East Asia, exchange rate regimes, regional cooperation, RMB internationalization

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