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Lecture Notes

I. The Autumn semester (October-January)

SES # Topics Slides
#1 The autumn semester covers (1) History of the euro, (2) Economic policies of the euro area, (3) Euro as an international currency, (4) Risks of the EMU and (5) The international monetary system in transition. PDF(0.1MB)
#2 The way to the euro - European integration - was been a political project not to repeat world wars. The political aim was virtually achieved with economic measures. PDF(0.1MB)
#3 The integration of real economy (from EEC to the European single market) preceded monetary integration (from the 都nake to the European Monetary System). PDF(0.1MB)
#4 When the Bretton Woods System collapsed in early 1970s, the European currencies were urged to protect themselves from the volatile movement of the US dollar. PDF(0.1MB)
#5 In 1989 the Delors Report proposed to establish the European Economic and Monetary Union in three stages, which became a reality with the birth of the euro ten years later. PDF(0.1MB)
#6 The economic policies in the EMU are featured with its double-decker structures of macro-economic policies (monetary and fiscal) at the Community and national levels. The European Central Bank is solely responsible for the monetary policy. PDF(0.1MB)
#7 The fiscal policy is basically a matter of each Member State, but is subject to the multilateral surveillance under the Stability and Growth Pact. PDF(0.1MB)
#8 There remain risks like (1) establishing confidence in the euro economy and ECB, (2) structural problems and (3) the balance between EU enlargement and deepening. PDF(0.1MB)
#9 The euro has potentiality to become an international key currency, while the dollarç—´ position can be eroded by the double deficits (the federal budget and current account). PDF(0.1MB)

II. The Spring semester (April-July)

SES # Topics Slides
#1 The spring semester covers (1) The Chinese renminbi, (2) The Hong Kong dollar, (3) The Asian monetary crisis, (4) The internationalization of the yen and (5) Search for a new monetary order in East Asia. PDF(0.1MB)
#2 The Chinese currency, which is still subject to strict state controls, seeks a new exchange rate regime with an ultimate goal of realizing its full convertibility. PDF(0.2MB)
#3 Hong Kong is under the Chinese sovereignty, but its currency is a full international currency, backed by the currency board system, with a strong link with the US dollar. PDF(0.2MB)
#4 The Asian crisis of 1997/98 was a trauma, especially for Thailand, Indonesia and Korea. How did it break out, spread and deteriorate from a currency to an economic crisis? PDF(0.2MB)
#5 The fundamental factors that enabled the East Asian Miracle are not lost despite the crisis, and Japan must play a key role for the sustained growth of the regional economy. PDF(0.2MB)
#6 The internationalization of the yen needs to be promoted not only for Japan interests but also for creating a stable monetary zone in East Asia in future. PDF(0.3MB)
#7 Stimulated by regionalism in EU with the euro and in the Americas with the US dollar, East Asia is strengthening efforts for regional economic and financial cooperation. PDF(0.1MB)