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Strengthening Regional Financial Cooperation in East Asia

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  • Haruhiko Kuroda
  • Masahiro Kawai

Abstract

The 1997–98 financial crisis prompted East Asian economies to realise the potential benefits of installing stronger cooperative mechanisms for crisis prevention, management and resolution. This paper argues that a regional financial architecture needs to be firmly established in East Asia, outlines recent developments in financial cooperation in the region, and provides possible directions for the future. We recommend a more effective surveillance process and consider the option of creating a common pool of foreign exchange reserves to allow flexible financial support at times of crises and contagion while minimising the problem of moral hazard. The arrangement must be consistent with the global framework; in particular, it must involve international creditors from outside the region for crisis management and resolution. We suggest that exchange rate regime choice should be coordinated at the regional level, with a long-term vision of regional monetary integration.

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File URL: https://crawford.anu.edu.au/pdf/pep/pep-332.pdf
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Bibliographic Info

Paper provided by Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University in its series Asia Pacific Economic Papers with number 332.

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Length: 35 pages
Date of creation: Oct 2002
Date of revision:
Handle: RePEc:csg:ajrcau:332

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Cited by:
  1. Abhijit Sen Gupta, 2012. "Exchange Rate Coordination in Asia : Evidence using the Asian Currency Unit," Finance Working Papers 23321, East Asian Bureau of Economic Research.
  2. William H. Branson & Conor N. Healy, 2005. "Monetary and Exchange Rate Policy Coordination in ASEAN 1," NBER Working Papers 11713, National Bureau of Economic Research, Inc.
  3. Saori N. Katada, 2010. "Political Economy of East Asian Regional Integration and Cooperation," Working Papers id:3059, eSocialSciences.
  4. Masahiro Kawai & Shinji Takagi, 2005. "Towards regional monetary cooperation in East Asia: lessons from other parts of the world," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 10(2), pages 97-116.
  5. Kawai, Masahiro, 2005. "East Asian economic regionalism: progress and challenges," Journal of Asian Economics, Elsevier, vol. 16(1), pages 29-55, February.
  6. Peter B. Kenen & Ellen E. Meade, 2006. "Monetary integration in East Asia," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
  7. Girardin Eric & Steinherr Alfred, 2009. "Regional Monetary Units for East Asia: Lessons from Europe," Working Papers id:1972, eSocialSciences.
  8. Masahiro Kawai, 2010. "Reform of the International Financial Architecture: An Asian Perspective," Working Papers id:3066, eSocialSciences.
  9. Marie Coiffard & Laëtitia Guilhot, 2012. "Migrations internationales : la mobilité des Hommes, facteur d'intégration régionale en Asie Orientale ?," Post-Print halshs-00755102, HAL.
  10. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
  11. Shimizu, Junko & Ogawa, Eiji, 2005. "Risk properties of AMU denominated Asian bonds," Journal of Asian Economics, Elsevier, vol. 16(4), pages 590-611, August.
  12. Abhijit Sen Gupta, 2010. "Prospects for a Single Asian Currency," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 6(5), pages 873-892, June.
  13. Robert-Paul Berben & Jan Marc Berk & Ekniti Nitihanprapas & Kanit Sangsuphan & Pisit Puapan & Piyaporn Sodsriwiboon, 2003. "Requirements for successful currency regimes: The Dutch and Thai experiences," DNB Occasional Studies 101, Netherlands Central Bank, Research Department.
  14. Khan, Haider, 2011. "Constructing Global Governance of Global Finance: Towards a Hybrid Global Financial Architecture," MPRA Paper 40249, University Library of Munich, Germany, revised Jan 2012.
  15. Abhijit Sen Gupta & Amitendu Palit, 2008. "Feasibility of an Asian Currency Unit," Macroeconomics Working Papers 22164, East Asian Bureau of Economic Research.
  16. Hamilton-Hart, Natasha, 2011. "Distribution, Domestic Politics and Monetary Cooperation in East Asia," ADBI Working Papers 332, Asian Development Bank Institute.
  17. Chin, Gregory, 2012. "Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization," ADBI Working Papers 343, Asian Development Bank Institute.
  18. Natasha Hamilton-Hart, 2012. "Regional and multi-level governance: East Asian leadership after the global financial crisis," Asia Europe Journal, Springer, vol. 9(2), pages 237-254, March.

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