Advancing Regional Monetary Cooperation: The Case of Fragile by Laurissa Mühlich (auth.)

By Laurissa Mühlich (auth.)

This publication examines neighborhood financial cooperation as a technique to reinforce macroeconomic balance in constructing nations and rising markets. Interdisciplinary case reviews on Southern Africa, Southeast Asia and South the USA offer a cross-regional viewpoint at the viability of such strategy.

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The term triangulation was introduced into social science as a metaphorical term based on the general idea of land surveying; it refers to locating one point from two others of known distance given the angles and the triangle formed by the three points (cf. Flick, 2004: 11). Part I Drivers of Regional Monetary Cooperation 2 Global Instability and “Monetary Regionalism” Since the end of the Bretton Woods system, the international monetary order has been marked by multipolarity. 1 At the core of the Bretton Woods system stood the US dollar, with the Federal Reserve Bank of the United States (US Fed) ensuring full gold convertibility of the US dollar.

However, achieving real exchange rate stabilization in regional exchange rate arrangements may be facilitated because inflation differentials may be easier to adjust to. First, regional business cycles may be more similar than would be the case with an extraregional international key currency-issuing economy, such as the US dollar, and, second, the regional monetary cooperation arrangement may provide a framework for transfer mechanisms that could facilitate economic adjustment for weaker economies (see Chapters 7 and 8).

Hence, monetary policy options available to these countries are either the “second best” of SSC, or non-cooperative unilateral policy options. Dollarization won’t do the trick Rather than entering a regional monetary cooperation arrangement, advocates of unilateral monetary integration or full dollarization state that financially fragile economies should dollarize their economy. However, as mentioned above, full dollarization eliminates the function of the national LLR. Thus, the advantage of eliminating currency risk in unilateral currency unions may be more than offset by the loss of key monetary policy instruments (cf.

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