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Monetary and Financial Cooperation in Asia : Emerging Trends and Prospects

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  • Ramkishen S. Rajan

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Abstract

Ever since the currency crisis of 1997-98 there has been a great deal of interest in enhancing regional economic cooperation in Asia. It is important to keep in mind that economic regionalism is multidimensional nature. The focus of this paper is on policy initiatives underway in Asia to enhance monetary and financial regionalism and the analytical bases for these initiatives, rather than on examining the de facto level of financial and monetary links that already exists (which may or may not have been facilitated via regional policy mechanisms). There are many gradations of monetary and financial regional cooperation, ranging from the weak form involving regional policy dialogue and surveillance, on the one hand, to exchange rate and monetary coordination, on the other. To maintain focus, this paper concentrates more narrowly on medium forms of monetary and financial regionalism, broadly defined as the development of regional liquidity arrangements and regional financial markets.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 22125.

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Date of creation: Jan 2006
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Handle: RePEc:eab:financ:22125

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Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org
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Related research

Keywords: Asia; Asian Bond Fund (ABF); Asian Currency Unit (ACU); Capital account crisis; Liquidity; Regionalism; Swaps;

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References

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  1. Ramkishen S. Rajan, 2005. "Managing New-Style Currency Crises : The Swan Diagram Approach Revisited," Macroeconomics Working Papers 22574, East Asian Bureau of Economic Research.
  2. International Monetary Fund, 1996. "The Economic Content of Indicators of Developing Country Creditworthiness," IMF Working Papers 96/9, International Monetary Fund.
  3. Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001. "Why do countries float the way they float?," Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
  4. Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Doesn't Asia Have Bigger Bond Markets?," NBER Working Papers 10576, National Bureau of Economic Research, Inc.
  5. Graham Bird & Ramkishen Rajan, 2002. "The Evolving Asian Financial Architecture," Centre for International Economic Studies Working Papers 2002-03, University of Adelaide, Centre for International Economic Studies.
  6. Ramkishen Rajan, 2002. "Safeguarding against Capital Account Crises: Unilateral, Regional and Multilateral Options for East Asia," Centre for International Economic Studies Working Papers 2002-01, University of Adelaide, Centre for International Economic Studies.
  7. Piti Disyatat, 2001. "Currency Crises and Foreign Reserves," IMF Working Papers 01/18, International Monetary Fund.
  8. Nagesh Kumar, 2005. "Towards a Broader Asian Community : Agenda for the East Asia Summit," Macroeconomics Working Papers 22107, East Asian Bureau of Economic Research.
  9. Pradhan, Jaya Prakash, 2003. "Rise of service sector outward foreign direct investment from Indian economy: trends, patterns, and determinants," MPRA Paper 17078, University Library of Munich, Germany.
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Cited by:
  1. Peter Wilson, 2007. "Exchange Rate Cooperation in East Asia – Why a Basket Approach may be best," Macroeconomics Working Papers 22586, East Asian Bureau of Economic Research.
  2. Ramkishen S. Rajan, . "Crises, Private Capital Flows and Financial Instability in Emerging Asia," MPDD Working Paper Series WP/09/06, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

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