The Model of Currency Regime Selection and The Convergence of Currency Regimes in East Asia
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This paper conjectures that East Asia’s currency regimes will tend to converge to a de facto managed floating system which is equivalent to the intervention-cum market-based floating system. This conjecture is based on both the theoretical model of currency regime selection and the experiences of major countries such as China, Japan, and Korea.This paper argues that the region-wide currency regime convergence in East Asia will occur in two rounds. The first round convergence process will come to an end when most East Asian countries adopt a de jure market-based floating system which is a de facto managed floating system. The second round process will be completed when East Asia adopts a regional single currency. Furthermore, this paper proposes to give a new name for the region’s single currency, the asiro.
Abstract
This paper conjectures that East Asia’s currency regimes will tend to converge to a de facto managed floating system which is equivalent to the intervention-cum market-based floating system. This conjecture is based on both the theoretical model of currency regime selection and the experiences of major countries such as China, Japan, and Korea.This paper argues that the region-wide currency regime convergence in East Asia will occur in two rounds. The first round convergence process will come to an end when most East Asian countries adopt a de jure market-based floating system which is a de facto managed floating system. The second round process will be completed when East Asia adopts a regional single currency. Furthermore, this paper proposes to give a new name for the region’s single currency, the asiro.
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