A New Financial Order in Asia: Will a RMB bloc emerge?
NBER Working Paper No. 22755
---- Acknowledgments ----
An earlier draft was written and presented in a conference at the University of Tokyo on July 25-26, 2016. The author is grateful to participants of the conference. The first author acknowledges financial support Japan's Grant-in-Aid for Scientific Research A-25245044. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.