Abstract
Current international financial system is characterized by the global dollar standard where the US dollar plays an essential role in many aspects of international usages. This is particularly the case in Asia where the dollar remains as a major reserve, vehicle and anchor currency. The paper deals with the challenges of dollar over-reliance in the world in general and in Asia in particular, with emphasis on the fact that Asia being a creditor to the US has to cope with the problems and instability that the dollar standard brings about. Asia needs to have further regional financial integration and to strengthen regional financial cooperation supported by a strong institutional arrangement, a sound regional financial market and a collective regional monetary regime.
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Notes
An earlier version of this paper was partially published as “Current Global Dollar Standard: Problems and Regional Solutions for East Asia” in the Journal of World Economy and Politics, Number 1, 2008.
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Gao, H. Global dollar standard: challenges for Asian financial integration. Econ Change Restruct 41, 369–382 (2008). https://doi.org/10.1007/s10644-008-9066-0
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DOI: https://doi.org/10.1007/s10644-008-9066-0