Prospect for Monetary Integration in Asia and the Pacific and the Role of Japan

货币与货币一体化最重要的理论框架是罗伯特·蒙德尔提出的“最优货币区理论”。他和他之后的许多学者提出了各种最优货币区的标准，如(i) IS冲击的汇流，（ii）国民经济的开放性，（iii）要素流动性（资本和劳动力）。本研究项目调查了亚洲及太平洋地区货币一体化与合作的先决条件，重点是该区域的劳动力流动。除了撰写学术论文，我还访问了国际组织，如世界银行和美洲开发银行，与那里的专家讨论这个问题。研究项目的主要发现如下：(1)亚太地区劳动力市场一体化程度低于欧美地区，但一直在迅速提高。（二）劳动力市场一体化程度的提高有利于区域内的货币一体化与合作。但是，“人”的国际流动往往对接受国和原籍国都有不利的社会影响。因此，需要各种社会政策来容纳外国工人，以进一步提高该地区劳动力市场的一体化。

The most important theoretical framework for currency and monetary integration is "the theory of the optimal currency area" initiated by Robert Mundel. He and many scholars following him presented various criteria for the optimal currency area, such as (i) confluence of IS shocks, (ii) openness of the national economy, and (iii) factor mobility (both capital and labor).The present research project has investigated the preconditions for monetary integration and cooperation in Asia and the Pacific, putting an emphasis on the labor mobility in the region.In addition to writing academic papers, I visited the international organizations, such as the World Bank and the Inter-American Development Bank, to discuss the issue with experts there.Major findings of the research project are as follows:(i) The degree of labor market integration in Asia and the Pacific is less than those in Europe and America, but it has been rapidly increasing.(ii) The increasing degree of the labor market integration benefits the monetary integration and cooperation in the region.(iii) However, the international flow of "people" often involves negative social impact on both receiving and sending countries. Therefore, various social policies are needed to accommodate foreign workers in order to further increase labor market integration in the region.