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The End of Grand Expectations: Monetary and Financial Integration after the Crisis in Europe

dc.contributor.authorHeribert Dieter
dc.date.accessioned2015-01-30T14:45:25Z
dc.date.available2015-01-30T14:45:25Z
dc.date.issued2014-04-01
dc.identifier.urihttp://hdl.handle.net/11540/1973
dc.description.abstractThe financial crisis in Europe has resulted in a new assessment of monetary and financial integration both in Europe and in Asia. Before the current crisis, regional integration in monetary and fiscal affairs including mechanisms to stabilize exchange rates enjoyed a lot of academic and political support. The crisis served as a reminder of the risks associated with monetary and financial integration and has resulted in a much more cautious appraisal. But despite the crisis, monetary and financial integration continues to be attractive. In particular, the facilitation of intra-regional trade through stable exchange rates and the potential development of joint lines of defense against financial volatility, e.g. a regional liquidity facility, are potential benefits of monetary and financial integration. However, the crisis in Europe has exposed a number of weaknesses in the approach taken in the eurozone. In Europe, there was an unresolved tension between the so-called no-bailout clause and the absence of an exit mechanism. In addition, participating economies that suffered from a high inflow of foreign capital, i.e. Ireland and Spain, were not able to (temporarily) restrict capital inflows, but had to bear the consequences. Thus, after the crisis in Europe the concept of monetary regionalism needed to be modified, but did not have to be discarded.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleThe End of Grand Expectations: Monetary and Financial Integration after the Crisis in Europe
dc.typeWorking Papers
dc.subject.expertAsian Development Bank
dc.subject.expertDevelopment
dc.subject.expertRegional Economic Integration
dc.subject.expertFinancial Sector Policies
dc.subject.expertFinancial Risk Management
dc.subject.expertBond Financing
dc.subject.adbEconomic integration
dc.subject.adbDevelopment Bank
dc.subject.adbCapital Market
dc.subject.adbRegional Plans
dc.subject.adbRegional Development Bank
dc.subject.adbDevelopment finance
dc.subject.naturalDevelopment Banks
dc.subject.naturalLocal government bonds
dc.subject.naturalBonds
dc.subject.naturalCatastrophe bonds
dc.subject.naturalBond funds
dc.subject.naturalBond market
dc.subject.naturalMultilateral development banks
dc.title.seriesADB Working Paper Series on Regional Economic Integration
dc.title.volumeNO. 127
dc.contributor.imprintAsian Development Bank
oar.themeFinance
oar.themeRegional
oar.themeSmall Medium Business
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic Republic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji
oar.countryKiribati
oar.countryMarshall Islands
oar.countryMicronesia, Federated States of
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryChina, People's Republic of
oar.countryHong Kong, China
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-001401
oar.authorDieter, Heribert
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • Regional Economic Integration Working Paper Series
    The Asian Development Bank Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments.

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