a de facto asian-currency unit bloc in east asia: it has been there but we did not look for it

8/8/2019 A De Facto Asian-Currency Unit Bloc in East Asia: It Has Been There but We Did Not Look for It

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LMFK Pcvbke` Xlxnv Ynvkny

L Mn Gli}c Lykle/I~vvnei{ ^ek} Facike Nly} Lykl:K} Dly Fnne ]dnvn f~} Pn MkmEc} Accb gcv K}

Nvki @kvlvmke

Ec% 676Jle~lv{ 68


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]dn Pcvbke` Xlxnv ynvkny ky l ice}ke~l}kce cg }dn gcvonva{ elonm Mkyi~yykce Xlxnv ynvkny2}dn e~ofnvke` cg }dn xlxnvy ice}ke~nm pk}dc~} ke}nvv~x}kce cv idle`n% LMFKy pcvbke`xlxnvy vngani} kek}kla kmnly ce l }cxki lem lvn xcy}nm ceaken gcv mkyi~yykce% LMFK neic~vl`nyvnlmnvy }c xcy} }dnkv icoone}y ce }dn olke xl`n gcv nlid pcvbke` xlxnv $`kwne ke }dnik}l}kce fnacp+% Ycon pcvbke` xlxnvy ol{ mnwnacx ke}c c}dnv gcvoy cg x~fakil}kce%

Y~``ny}nm ik}l}kce:

@kvlvmke! N% 68>0 }c 6884! f~} pk}d pk}d kek}kla $lem gkela+~xplvm $lem mcpeplvm+ mkyivn}n j~oxy pdkid mkm ec} la}nv }dn m{elokiy cg k}y vnynvwny $}d~y

ec} vnxcv}nm dnvn+% Ke laa ilyny ntinx} Jlxle ke al}n 6884 lem nlva{ 688;! y~id xcyk}kceynelfanm }dnyn ic~e}vkny }c nedlein }dnkv }c}la vnynvwny $Gk`~vn 6+% ]dn lmmk}kce }c yxc}vnynvwny vnxvnyne}nm f{ gcvplvm xcyk}kcey ply icey}le} gcv }dn Vnx~faki cg Bcvnl gvco al}n688> }c okm/6884! pdkan k} vcyn cwnv }kon ke }dn Xdkakxxkeny lem Yke`lxcvn% Gcv Olal{ykl lem]dlkalem! k} ply y~fy}le}kla cea{ gvco 6880 ceplvmy% Liicvmkeà{! gcv }dnyn ic~e}vknyidle`ny ke }c}la vnynvwny ol{ fn y~fy}le}klaa{ mkggnvne} gvco ocwnone}y ke yxc} vnynvwny%

=% ÊICWNVKE@ MN GLI]C NTIDLE@N VL]N VN@KONYKE NLY] LYKL

Ny}kol}ke` }dn y{e}dnyky ocmna cg Gvlebna lem Pnk $6884+ ke l vn`kon/ypk}idke` gvlonpcvb!pn icoxlvn }dn Olvbcw/ypk}idke` lem y}v~i}~vla/fvnlb ocmnay ke cvmnv }c kewny}k`l}n }dnxcyykfan ocwn }cplvm `vnl}nv ntidle`n vl}n gantkfkak}{ lem }dn nt}ne} cg }lv`n}ke` l vn`kcelaocen}lv{ ~ek} $VO^+ f{ nly}/Lykle ic~e}vkny%

=%< Gvco Mcaalv }c Lykle I~vvnei{ êk} Xn``ke`

L oljcvk}{ cg i~vvneikny ke }dn vn`kce $; c~} cg }dn yocc}dnm xvcflfkak}kny cg }dn gkvy} vn`kon $}dn xvcflfkak}{ cg }dn ynicem vn`kon ky ykoxa{}dn icoxanone} }c ~ek}{+% ]dvnn ic~e}vkny $}dn XVI! Kemcenykl! lem }dn Alc XMV+ ydcpnwkmnein cg l mcokelein cg }dn y}v~i}~vla/fvnlb ocmna $]lfan

=

Fv~enk Mlv~yylalo dlm l i~vvnei{ fclvm wky/l/wky }dn Yke`lxcvn mcaalv cwnv }dn pdcan cg }dn yloxan xnvkcm~ynm ke }dky xlxnv% Pk}d l Yke`lxcvn/mcaalv xn` fnke` }dn mcokele} yxnikgkil}kce! }dnvn ply ec} l mn}ni}lfanmkggnvnein fn}pnne }dn fndlwkcvy cg }dn }pc i~vvneikny%

lem ]dlkalem $]lfan


14/27

LMFK Pcvbke` Xlxnv 676 @kvlvmke


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: I~vvnei{ pk}d Olke Vn`kon Idle`n ke 6889688= lem 688>6887

$Xvcflfkak}{ cg Vn`kon Cen+

Yc~vin: L~}dcvy ilai~al}kcey

Gk`~vn 7: I~vvneikny pk}d C}dnv ]koke` ke Vn`kon Idle`n$Xvcflfkak}{ cg Vn`kon Cen+

Yc~vin: L~}dcvy ilai~al}kcey

Ce }dn flyky cg }dnyn vny~a}y! livcyy yxnikgkil}kcey! gkwn il}n`cvkny cg ic~e}vkny lvn ec}lfan%]dn gkvy} `vc~x! pdkid keia~mny Olal{ykl lem }dn XVI! ky idlvli}nvkznm f{ l ydlvx lemxnvyky}ne} vn`kon idle`n ke okm/688>% Dcpnwnv! }dn XVI y~fyn|~ne}a{ mnxlv}y gvcoOlal{ykl ykein k} ydcpy l gkvy} fvnlb ke Olvid 6880m~vke` k}y olel`nm/gacl} xnvkcmlem lynicem fvnlb ke }dn nlva{ y~oonv cg 6884 $Gk`~vn 9 lem ]lfan ! ly pnaa ly l


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+% Ke }dn gc~v}d `vc~x!icoxcynm cg O{leolv lem Wkn} Elo! ycon }noxcvlv{ vn`kon idle`ny cii~vvnm ke al}n6888 cv nlva{ 688 gcv }dn gcvonv ic~e}v{ lem gvco 6880 ceplvmygcv }dn al}}nv $Gk`~vn 7+% Wkn} Elo ydcpnm nwkmnein cg l enp vn`kon ke al}n 6880% Gkelaa{! kefc}d Kemcenykl lem }dn Alc XMV! l enp vn`kon lxxnlvnm pk}d }dn enp okaaneek~oke lxnvolene} pl{ gcv }dn al}}nv ic~e}v{! f~} cea{ gcv 4 {nlvy ke }dn gcvonv% ]dn y}lfkak}{ cg }dni~vvnei{ vn`kony cg }dn Xdkakxxkeny! Yke`lxcvn/Fv~enk! lem ]dlkalem ky vnolvblfan%

=%6 Ntidle`n Olvbn} Xvnyy~vn

]dn icnggkikne} cg NOX ke }dn yke`an $mkggnvne}+ vn`kon$y+ nelfany ~y }c `l~`n }dn mn`vnn cggantkfkak}{ cg }dn ntidle`n vl}n vn`kony lmcx}nm f{ }dn LYNLE"9 ic~e}vkny $]lfan 6+%Gantkfan ntidle`n vl}ny pnvn xvnyne} ke }dn mcokele} vn`kon $vn`kon Cen+ lem lavnlm{ keli}kce ke }dn enp okaaneek~o~elofk`~c~ya{ ke Jlxle! lem anyy yc ke }dn Vnx~faki cgBcvnl! pk}d le NOX icnggkikne} n|~la }c


18/27


J~a{ 6884! }dn al}}nv vny~a}yicegkvo }dn gkemke`y cg Gvlebna $688;+! pk}d }dn mkggnvnein }dl} }dn ke}nvinx} ky yk`ekgkile}dnvn% Gkelaa{! f{ icey}v~i}kce! n|~l}kcey $=+ lem $>+ koxa{ }dl} cen oke~y }dn y~o cg vnxcv}nmpnk`d}y ce flybn} icoxcene}y icvvnyxcemy }c }dn pnk`d} ce }dn xc~em y}nvake`% ]dn al}}nvpnk`d} ply yolaanv }dle >. gcv }dn wly} oljcvk}{ cg ic~e}vkny% ]dn cea{ }v~n ntinx}kcey pnvnO{leolv lem ]dlkalem! ykein ke }dn c}dnv }pc ilyny}dn gkvy} vn`kon gcv Jlxle $Vnx~faki cgBcvnl+}dky icvvnyxcemy }c $iacyn }c+ gvnn gacl}ke`! l vn`kon pdnvn }dn lmmke` ~x icey}vlke}mcny ec} lxxa{%

pdkid ydcp }dl} $ke l gc~v/i~vvnei{ flybn}+ }dn pnk`d}y ce }dn mcaalv lem }dn n~vc vnyxni}kwna{ gnaa lem vcyn }c 8%> lem8%=> ke }dn gkvy} ynony}nv cg 6884% ]dn xvnynein cg le VO^ ke }dn {~le flybn} gvco 688> }c6880! ly pnaa ly }dn pnk`d} cf}lkenm gcv }dn mcaalv! icegcvo pk}d yxnnidny ke 688> lem 6887f{ Zdc~ Tklcid~le! @cwnvecv cg }dn Xncxany Fleb cg Idkel $Zd~ 688>2 6887+% Dnicegkvonm }dl}

Ke ice}vly}! Znkanky! Ydld! lem Xl}elkb $68


19/27


]lfan 9: Yxnikgkil}kce ]ny}: Flybn} Icoxcyk}kce gcv Nly}/Lykle I~vvneikny

Ac`Akbnakdccm

^YMcaalv

^YMcaalvlem

N~vc

"[ne "LI^/XI


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% KOXAKIL]KCEY CG LYKLE I^VVNEI[ ^EK] XN@Y

]dn xvnynein cg l mn gli}c LI^ faci ke nly} Lykl lem k}y koxakil}kcey gcv vn`kcelaiccxnvl}kce vn|~kvn ntxalel}kce%

>%< Ke}nvxvn}l}kce

Nwkmnein xvnyne}nm ke }dn xvnwkc~y yni}kce koxakny }dl} flybn} xn`y dlwn fnne }dn v~an kenly} Lykl! pk}d l xvnmcokelein cg le LI^ faci% Y~id xn`y ic~am dlwn fnne }dn vny~a} cg}dvnn ecentia~ykwn gcviny: mnakfnvl}n ntidle`n/vl}n }lv`n}ke` f{ `cwnveone}y Rl al Gvlebnalem Pnk $


22/27



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68

VNGNVNEINY

Lykle Mnwnacxone} Fleb $LMF+% 6884% Nonv`ke` Lykle Vn`kcelakyo: L Xlv}envydkx gcvYdlvnm Xvcyxnvk}{% Olekal: LMF%

Flk! J%! lem X% Xnvvce% 6889% Icox~}l}kce lem Lela{yky cg O~a}kxan Y}v~i}~vla Idle`nOcmnay% Jc~vela cg Lxxaknm Nicecon}vkiy


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a de facto asian-currency unit bloc in east asia: it has been there but we did not look for it

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