This paper studies the economic impact of regionalism under the realistic assumptions of constant tariffs and asymmetric bloc formation. Extending the Krugman framework, we decompose the impact into several components, each of which has a clear economic implication. Economic integration...

Intro -- Contents -- List of Abbreviations -- Acknowledgments -- Foreword -- 1 Introduction -- Part I The Forces behind Monetary Cooperation and Integration -- 2 The Instability of the International Monetary System and the Regionalization of Money -- 3 The Asian Financial Crisis -- 4 The Rise of...

This indispensable book provides a comprehensive analysis of monetary and financial integration in East Asia. It assesses the steps already taken toward financial integration and brings forward different proposals for future exchange rate arrangements in what has now become the world's most...