Cash in East Asia PDF
Preview Cash in East Asia
Financial and Monetary Policy Studies 44 Frank Rövekamp Moritz Bälz Hanns Günther Hilpert Editors Cash in East Asia Financial and Monetary Policy Studies Volume 44 Serieseditor AnsgarBelke Essen,Germany Moreinformationaboutthisseriesathttp://www.springer.com/series/5982 € Frank Rovekamp (cid:129) Moritz Ba¨lz (cid:129) ü Hanns G nther Hilpert Editors Cash in East Asia Editors FrankR€ovekamp MoritzBa¨lz EastAsiaInstitute FacultyofLaw/InterdisciplinaryCentrefor LudwigshafenUniversity EastAsianStudies ofAppliedSciences GoetheUniversity Ludwigshafen,Germany Frankfurt,Germany HannsGüntherHilpert ResearchDivisionAsia GermanInstituteforInternational andSecurityAffairs(SWP) Berlin,Germany ISSN0921-8580 ISSN2197-1889 (electronic) FinancialandMonetaryPolicyStudies ISBN978-3-319-59845-1 ISBN978-3-319-59846-8 (eBook) DOI10.1007/978-3-319-59846-8 LibraryofCongressControlNumber:2017949280 ©SpringerInternationalPublishingAG2017 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilarmethodologynowknownorhereafterdeveloped. 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Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland Preface “Cash inEastAsia”wasthe titleofaninternational conferencestagedattheEast Asia Institute in Ludwigshafen in May 2016. Recent years have witnessed an intensified international debate on the benefits and costs of moving towards a “cashlesssociety”.Againstthisbackdrop,theconferencebroughttogetherleading experts fromacademia aswellasmonetaryauthorities toexploreeconomic,legal and policy perspectives on cash and its future role in East Asia. The papers deliveredattheconferenceformthebasisforthisbook. TheconferencewasmadepossiblethroughthegeneroussupportoftheDeutsche Bundesbank and the Haniel Foundation, which is gratefully acknowledged. Like- wise,wewishtothankSpringerInternationalPublishingforacceptingthisvolume into its series entitled Financial and Monetary Policy Studies. Finally, we are indebted to Chris Engert for his excellent work in the language correction and copy-editingofthemanuscript. LudwigshafenamRhein,Germany FrankR€ovekamp FrankfurtamMain,Germany MoritzBa¨lz Berlin,Germany HannsGüntherHilpert v Contents 1 OntheRoleofCashinEastAsia. . . . . . . . . . . . . . . . . . . . . . . . . . 1 FrankR€ovekamp,MoritzBa¨lz,andHannsGüntherHilpert PartI CashandItsImpactonSociety 2 TheUseofCashinEuropeandEastAsia. . . . . . . . . . . . . . . . . . . . 15 MasaakiShirakawa 3 NewEstimatesfortheShadowEconomiesof11AsianCountries from2000to2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 FriedrichSchneider 4 De-monetisation,Re-monetisation,andParallelCurrencies inNorthKorea. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 RüdigerFrank PartII CashandMonetaryPolicy 5 DomesticLiquidityConditionsandMonetaryPolicy inSingapore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 HweeKwanChow 6 FullyReserve-BackedMoney:ASolutiontoJapan’sFiscal andMonetaryChallenges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 FranzWaldenberger PartIII OntheWaytoCashlessSocieties? 7 ACoinlessSocietyasaBridgetoaCashlessSociety: AKoreanExperiment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 WoosikMoon vii viii Contents 8 TheOngoingEvolutionofPaymentInstrumentsinChina: ACaseStudyinFinancialInnovation,andontheRoleofthe CentralBank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 PatrickHess 9 TheUseofCashinGermany:StatusandOutlook. . . . . . . . . . . . . 133 ErwinGladisch 10 RestrictingtheUseofCashintheEuropeanMonetaryUnion: LegalAspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 HelmutSiekmann Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 List of Contributors MoritzBa¨lz holdstheChairofJapaneseLawanditsCulturalFoundationsatthe GoetheUniversity,FrankfurtamMain,wherehealsoservesasexecutivedirector of the Interdisciplinary Centre for East Asian Studies (IZO). Prior to being appointed professor, he worked as an attorney with the international law firm FreshfieldsBruckhausDeringerinNewYorkandFrankfurt(2003–2008)andwas JosephStoryResearchFellowatHarvardLawSchool(2002–2003).Heisco-editor oftheJournalofJapaneseLaw(J.Japan.L)andhaspublishedwidelyontopicsof Japanesebusinesslaw. HweeKwanChow isProfessorofEconomicsandStatistics(Practice),Singapore Management University. She has a Ph.D. from the London School of Economics and was Lead Economist at the Monetary Authority of Singapore and Vice Pres- identattheOverseasUnionBank.SheteachesEconometricscourses,andhermain research areas are Monetary Economics, International Finance and Economic Forecasting. Chow is Associate Editor of the Singapore Economic Review, and her publications have appeared in the Journal of Macroeconomics, the Open EconomiesReviewandtheInternationalJournalofForecasting.Shehasprovided consultancyservicestoADB,ADBI,AMROandseveralcentralbanks. Ru€digerFrank isaGermannationallivinginVienna,Austria.HeisProfessorof East Asian Economy and Society at the University of Vienna and Head of its DepartmentofEastAsianStudies.HeholdsanM.A.inKoreanStudies,Economics and International Relations and a Ph.D. in Economics. He has been researching North Koreaever since hespent onesemester asa language student at the Kim Il SungUniversityinPyongyangin1991/1992.Currently,heisViceChairmanofthe GlobalAgendaCouncilonKoreaoftheWorldEconomicForum.In2013,hewas listedasoneofthetop50mostinfluentialGermaneconomistsbytheFrankfurter Allgemeine Zeitung. His editorial and advisory board memberships include the EuropeanJournalofEastAsianStudies,theKoreaReviewofInternationalStudies, theViennaJournalofEastAsianStudies,theJournalofAsianPoliticsandHistory, ix x ListofContributors AsianPerspective,TheReviewofKoreanStudiesandtheSeoulJournalofKorean Studies.HeisalsoabookserieseditorforBrill’sStudiesonEastAsianSecurityand International Relations and Korean Studies Library. He is the author or editor of 13booksandover200bookchaptersandarticles. Erwin Gladisch trained as a bank clerk at the Gelsenkirchen savings bank and thenstudiedattheUniversityofEssen.HegraduatedwithanM.A.inEconomics. In1982,Mr.GladischjoinedtheDeutscheBundesbankandcompletedatraineeship at the Head Office. He has held various positions at the Deutsche Bundesbank, including the audit department, the capital market department (trader for govern- mentsecuritiesattheFrankfurtstockexchange)andtheback-officeoperationsfor securities.Furthermore,Mr.Gladischhasworkedindifferentworkinggroupsofthe Eurosystem, for example, the “Security working group” and the “Issue working group”.Sincetheyear2000,hehasbeenworkinginthecashdepartment.Hismain issueisthestudyofthecashcycleinGermany,thedevelopmentsofcashinother countries,andtheoreticalstudiesaboutthebehaviourofpeopleinthecashmarket. Patrick Hess serves as Senior Market Infrastructure Expert at the European Central Bank (ECB). His prior positions include Senior Economist at the ECB’s China Desk andrelationship managerand expert inthe TARGET2-Securities and TARGET2 projects. From 1996 to 2003, he worked for the Deutsche Bank in its corporateandtransactionbankingbusinesses.PatrickHessholdsanM.A.inSinol- ogyandEconomicsfromHeidelbergUniversityandalsostudiedatBeijingForeign StudiesUniversity,RijksuniversiteitLeidenandVUAmsterdam.Hisresearchand teaching experience, inter alia at the Institute of Chinese Studies in Heidelberg, focusesonChina’sfinancialsystemandeconomicpolicies. Hanns Gu€nther Hilpert is Head of the Research Division Asia at the German InstituteforInternationalandSecurityAffairs(“StiftungWissenschaftundPolitik”, SWP), Berlin. Formerly, heworked for the German Institutefor Japanese Studies (DIJ), Tokyo (1999–2002), and the Ifo Institute for Economic Research, Munich (1989–1999). He has written and published many books and articles on the Japanese economy and on Asian trade and economic integration. His current researchfocusesonvariouspolicy-orientedeconomicissuesofEastAsia. Woosik Moon is currently a Professor of Economics at the Graduate School of InternationalStudies(GSIS),SeoulNationalUniversity(SNU).Hewasamember oftheMonetaryPolicyCommittee,attheBankofKorea,fromApril2012toApril 2016.PriortojoiningtheBankofKorea,heservedasanadvisororpolicyevaluator in different Korean Ministries, including the Ministry of Foreign Affairs, the Ministry of Finance and Budget, and the Ministry of Education. He also worked asa researchfellowat the Korea DevelopmentInstitute.He received his Ph.D. in economics from the University of Paris-I, and his area of expertise is monetary economics,internationalfinanceandmonetaryintegration.
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