Prospects for Monetary Cooperation in East Asia

The purpose of this paper is to reexamine the exchange rate policy of the Republic of Korea, and its role in promoting financial and monetary cooperation in East Asia in the wake of the 2008 global financial crisis. The Republic of Korea would not actively participate in any discussion of establishing a regional monetary and exchange rate arrangement as it is expected to maintain a weakly managed floating regime. The People’s Republic of China (PRC) has been fostering the yuan as an international currency, which will lay the groundwork for forming a yuan area among the PRC; the Association of Southeast Asian Nations (ASEAN); Hong Kong, the PRC; and Taipei,China. Japan has shown less interest in assuming a greater role in East Asia’s economic integration due to deflation, a strong yen, slow growth, and political instability. Japan would not eschew free floating. These recent developments demand a new modality of monetary cooperation among the Republic of Korea, Japan, and the PRC. Otherwise, ASEAN+3 will lose its rationale for steering regional economic integration in East Asia.exchange rate policy; republic of korea; financial monetary cooperation; east asia; global financial crisis; regional economic integration

Close-to-normal structure and its applications

AbstractLet K be a bounded subset of a metric space (B, d). Let W(K) be the supremum of the cardinals of all subsets H of K such that the distance between any two distinct points in H is equal to the diameter of K. This function W on the family of all bounded subsets of B is used to prove the following result. Let K be a weakly compact convex subset of a Banach space B. Then K has a close-to-normal structure if B satisfies any of the following conditions: (a) B is strictly convex; (b) B is separable; (c) B has the property A: For any sequence {xn} in B, {xn} converges to a point x in B if it converges weakly to x and {∥xn∥} converges to ∥x∥. Applications of this result to the fixed point theory are given