Directions of East Asian Regional Financial Cooperation
AbstractThe East Asian financial crisis was the impetus for many financial cooperation initiatives within the region. This paper reviews progress in a number of areas, particularly the Chiang Mai Initiative, which aims to enhance a country's access to foreign reserves in times of stress via a series of swap arrangements in the region, and the development of the Asian Bond Market in order to increase long-term financing for deficit countries so they will not have to rely mainly on short-term foreign borrowing, as was the case prior to the crisis. A number of recommendations are made, including the setting up of a regional organization to coordinate a multilateral version of the Chiang Mai Initiative and further development of the regional currency and bond markets to increase the private sector's access to long-term financing. Given the region's huge holding of foreign reserves, the paper also recommends a much more proactive approach in managing these reserves in order to influence global financial developments. (c) 2007 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by MIT Press in its journal Asian Economic Papers.
Volume (Year): 5 (2006)
Issue (Month): 3 (June)
Contact details of provider:
Web page: http://mitpress.mit.edu/journals/
You can help add them by filling out this form.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Karie Kirkpatrick).
If references are entirely missing, you can add them using this form.