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"Advancing Regional Monetary Cooperation examines regional monetary cooperation as a strategy to enhance macroeconomic stability in developing countries and emerging markets. The future of regional monetary cooperation is being questioned by the euro crisis: should developing countries and emerging markets, which are already actively engaged in regional monetary cooperation, refrain from such initiatives to avoid ending up in a crisis? Or should the euro zone crisis be regarded as precisely the reason topursue regional monetary cooperation, for example in order to jointly shield fragile financial markets against volatility in international financial markets? These are highly relevant questions for the developing world and the future of the global monetary system. This book addresses these questions by reframing traditional theoretical approaches to regional monetary integration in an interdisciplinary way. Special attention is given to the role of emerging markets as anchor countries in regional monetary cooperation. Detailed case studies are provided, which examine stabilizing and destabilizing elements of regional monetary cooperation in Southern Africa and Southeast Asia, and compare these findings with South America in a cross-regional perspective. This book will appeal to an academic audience interested in the interplay of global, domestic and regional arrangements to provide liquidity in periods of crisis. The issues raised are also highly relevant for policy makers confronted with an increasingly multipolar world in which developing areas are looking for adequate ways to integrate at the regional level. "--
List of contents
1. Introduction PART I: DRIVERS OF REGIONAL MONETARY COOPERATION 2. Global Instability and 'Monetary Regionalism' 3. Monetary Policy Choices of Southern Economies 4. Fragile Financial Markets PART II: NEW PERSPECTIVES ON REGIONAL MONETARY COOPERATION AND INTEGRATION 5. A Modern Exchange Rate Theory Perspective 6. A Strategy to Achieve Macroeconomic Stability? 7. Asymmetric Regional Monetary Cooperation 8. Reconsidering Economic Costs PART III: REGIONAL MONETARY COOPERATION IN CMA, ASEAN/ASEAN+3, AND MERCOSUR 9. Case Selection and Data 10. Common Monetary Area (CMA) 11. Association of Southeast Asian Nations (ASEAN/ASEAN+3) 12. Common Market of the South (MERCOSUR) 13. CMA, ASEAN/ASEAN+3 and MERCOSUR Compared 14. Conclusions and Policy Recommendations
About the author
Laurissa Mühlich is a research associate at the Brazil Research Center of the Institute for Latin American Studies at the Freie Universität, Berlin, Germany. She completed her PhD in economics at the Freie Universität, Berlin, Germany, and Yale University, USA.
