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Currency Internationalisation: Lessons from the Global Financial Crisis and Prospects for the Future in Asia and the Pacific (Full Publication)

236 Pages Posted: 14 Feb 2012  

Andrew J. Filardo

Bank for International Settlements (BIS) - Monetary and Economic Department

James Yetman

Bank for International Settlements (BIS)

Sung-Il Lee

affiliation not provided to SSRN

Mar Gudmundsson

Central Bank of Iceland

Peter B. Kenen

Princeton University - Department of Economics

Anella Munro

Reserve Bank of New Zealand

Philip D. Wooldridge

Bank for International Settlements (BIS)

Franklin Moss

affiliation not provided to SSRN

Shinji Takagi

Osaka University - Graduate School of Economics

Robert N. McCauley

Bank for International Settlements (BIS)

Haihong Gao

affiliation not provided to SSRN

Yu Yongding

Chinese Academy of Social Sciences (CASS)

Hongyi Chen

affiliation not provided to SSRN

Wensheng Peng

Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR)

Chang Shu

affiliation not provided to SSRN

Frank M. Song

The University of Hong Kong - School of Economics and Finance

Kyungsoo Kim

Sungkyunkwan University

Young Kyung Suh

affiliation not provided to SSRN

Atchana Waiquamdee

affiliation not provided to SSRN

Yung Chul Park

Korea University - Department of Economics

Kwanho Shin

Korea University

Rizal A Djaafara

affiliation not provided to SSRN

Ric Battellino

affiliation not provided to SSRN

Michael Plumb

affiliation not provided to SSRN

Diwa C. Guinigundo

Government of the Republic of the Philippines - Monetary Stability Sector

Date Written: January 1, 2012

Abstract

Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences, seminars and workshops with central banks and supervisory authorities in Asia and the Pacific. The subjects of interest have included improving monetary policy and operations, developing financial markets, maintaining financial stability and strengthening prudential policy.

On 19-20 March 2009, the BIS Asian Office and the Bank of Korea co-hosted a high-level seminar on currency internationalisation in Seoul. Participants from 12 central banks as well as academic scholars and BIS economists attended the seminar. The purpose of the seminar was to review experiences of economies in the Asia-Pacific region with currency internationalisation and to assess the prospects for further internationalisation, emphasising the policy implications facing central banks if current trends continue. Lessons learned about currency internationalisation since the intensification of the strains in global markets in mid-2007 were also discussed. This volume is a collection of the speeches, presentations and papers from the seminar.

Suggested Citation

Filardo, Andrew J. and Yetman, James and Lee, Sung-Il and Gudmundsson, Mar and Kenen, Peter B. and Munro, Anella and Wooldridge, Philip D. and Moss, Franklin and Takagi, Shinji and McCauley, Robert N. and Gao, Haihong and Yongding, Yu and Chen, Hongyi and Peng, Wensheng and Shu, Chang and Song, Frank M. and Kim, Kyungsoo and Suh, Young Kyung and Waiquamdee, Atchana and Park, Yung Chul and Shin, Kwanho and Djaafara, Rizal A and Battellino, Ric and Plumb, Michael and Guinigundo, Diwa C., Currency Internationalisation: Lessons from the Global Financial Crisis and Prospects for the Future in Asia and the Pacific (Full Publication) (January 1, 2012). BIS Paper No. 61. Available at SSRN: https://ssrn.com/abstract=2002010

Andrew J. Filardo (Contact Author)

Bank for International Settlements (BIS) - Monetary and Economic Department ( email )

Centralbahnplatz 2
CH-4002 Basel
Switzerland

James Yetman

Bank for International Settlements (BIS) ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland

Sung-Il Lee

affiliation not provided to SSRN

No Address Available

Mar Gudmundsson

Central Bank of Iceland ( email )

Iceland

Peter B. Kenen

Princeton University - Department of Economics ( email )

Princeton, NJ 08544-1021
United States
609-258-4051 (Phone)
609-258-5398 (Fax)

Anella Elizabeth Munro

Reserve Bank of New Zealand ( email )

2 The Terrace
P.O. Box 2498
Wellington, 6011
New Zealand

Philip D. Wooldridge

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

Franklin Moss

affiliation not provided to SSRN ( email )

Shinji Takagi

Osaka University - Graduate School of Economics ( email )

1-7 Machikaneyama
Toyonaka, Osaka, 560-0043
Japan

Robert N. McCauley

Bank for International Settlements (BIS) ( email )

CH-4002 Basel, Basel-Stadt
Switzerland

Haihong Gao

affiliation not provided to SSRN

No Address Available

Yu Yongding

Chinese Academy of Social Sciences (CASS)

Beijing, 100732
China

Hongyi Chen

affiliation not provided to SSRN ( email )

Wensheng Peng

Hong Kong Monetary Authority - Hong Kong Institute for Monetary Research (HKIMR) ( email )

3 Garden Road, 8th Floor
Hong Kong
China

Chang Shu

affiliation not provided to SSRN ( email )

Frank M. Song

The University of Hong Kong - School of Economics and Finance ( email )

8th Floor Kennedy Town Centre
23 Belcher's Street
Kennedy Town
Hong Kong

Kyungsoo Kim

Sungkyunkwan University ( email )

110-745 Seoul
Korea
+82-2-760-0431 (Phone)

Young Kyung Suh

affiliation not provided to SSRN ( email )

Atchana Waiquamdee

affiliation not provided to SSRN

No Address Available

Yung Chul Park

Korea University - Department of Economics ( email )

Anam-dong, Sungbuk-Ku
Seoul, 136-701
Korea

Kwanho Shin

Korea University ( email )

1 Anam-dong 5 ka
Sunbuk-Ku, Department of Economics
Seoul 136-701
Korea
82-2-3290-2220 (Phone)
82-2-3290-2719 (Fax)

HOME PAGE: econ.korea.ac.kr/~khshin

Rizal A Djaafara

affiliation not provided to SSRN

No Address Available

Ric Battellino

affiliation not provided to SSRN

No Address Available

Michael E. Plumb

affiliation not provided to SSRN ( email )

Diwa C. Guinigundo

Government of the Republic of the Philippines - Monetary Stability Sector

Philippines

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