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Asian Regional Policy Coordination

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  • Edwin M. Truman

    ()
    (Peterson Institute for International Economics)

Abstract

This paper addresses two central questions for Asia and the world: (1) What is the purpose of Asian regional policy coordination going forward? (2) Will Asian regional policy coordination substitute or complement global policy coordination? The paper examines the potential coverage and content of such policy coordination, what is meant by Asia in this context, and how Asia fits in with global policy coordination processes. I address three related aspects of Asian regional policy coordination: macroeconomic policies, reserve management, and crisis management. I conclude that while the countries in the Asian region have not completely exploited the scope for regional policy coordination, more ambitious efforts focused on close integration are not likely to bear fruit, in particular, if they are conceived and promoted under the banner of Asian exceptionalism. These conclusions are based on two main considerations: First, Asian economies differ, and will continue to differ, sufficiently in size and stage of development such that it is difficult to conceive of a successful voluntary blending of their interests. Second, the central lesson of the global financial crisis and its current European coda is that global economic and financial integration has advanced sufficiently that countries can run but they cannot hide individually or in sub-global groups of countries.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP11-21.

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Date of creation: Dec 2011
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Handle: RePEc:iie:wpaper:wp11-21

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Keywords: Asia; Emerging Asia; Regional Arrangements; International Monetary Fund; Group of Twenty (G-20); Global Financial Safety Net; Special Drawing Rights; Chiang Mai Initiative; Chiang Mai Initiative Multilateralized; Current Account Adjustment; Exchange Rates;

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  1. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of European Monetary Unification," CEPR Discussion Papers 643, C.E.P.R. Discussion Papers.
  2. Shengzu Wang & Chris Marsh & Rishi Goyal & Narayanan Raman & Swarnali Ahmed, 2011. "Financial Deepening and International Monetary Stability," IMF Staff Discussion Notes 11/16, International Monetary Fund.
  3. Masahiro Kawai, 2010. "Reform of the International Financial Architecture: An Asian Perspective," Working Papers id:3066, eSocialSciences.
  4. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "An evaluation of IMF surveillance of the euro area," Blueprints, Bruegel, number 629, December.
  5. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
  6. Edwin M. Truman, 2010. "Strengthening IMF Surveillance: A Comprehensive Proposal," Policy Briefs PB10-29, Peterson Institute for International Economics.
  7. C. Fred Bergsten, 1997. "Open Regionalism," Working Paper Series WP97-3, Peterson Institute for International Economics.
  8. McKay Julie & Volz Ulrich & Wölfinger Regine, 2011. "Regional Financing Arrangements and the Stability of the International Monetary System," Journal of Globalization and Development, De Gruyter, vol. 2(1), pages 1-33, August.
  9. Edwin M. Truman, 2010. "The G-20 and International Financial Institution Governance," Working Paper Series WP10-13, Peterson Institute for International Economics.
  10. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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