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O presente trabalho analisa as principais características do esforço recente de institucionalização do processo de integração monetária e financeira no Pacífico Asiático. Argumentamos que a crise financeira de 1997-1998 foi um fator catalisador para a implementação de uma série de novos mecanismos de cooperação. Com base na experiência histórica européia e nos argumentos da teoria das áreas monetárias ótimas sugerimos que há indícios de que as economias da região ainda não apresentam todas as condições necessárias para aprofundar sua integração. Ainda assim, os avanços do período pós-crise sinalizam para a possibilidade da integração monetária no futuro. Por fim, ao recuperar as lições do caso asiático, procuramos, ainda que em caráter exploratório, fazer uma comparação com o caso do Mercosul.
Abstracts
The paper analyzes the recent effort to create institutional support for monetary and financial integration process in the Asia-Pacific region. We argue that the 1997-1998 financial crisis was the catalytic force behind the emergence of new cooperation mechanisms. Considering the European history and the theory of optimal currency areas we suggest that Asia-Pacific region doesn’t have all the preconditions for monetary integration. On the other hand, institutional advances in the post crisis period have created new hopes for a future integration. Finally, after the analysis of the Asian case we explore some comparisons with the Mercosur integration experience.
Key words: Monetary integration. Asian economies. Mercosur
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