This paper addresses the rationale for financial cooperation in East Asia. It begins by giving a brief review of developments after the Asian currency crisis, and argues that enhancing regional financial cooperation both quantitatively and qualitatively will require: (1) upgrading surveillance capabilities in the region, and (2) creating a clear division of labor between regional institutions and the IMF. It also mentions the issue of membership and the background forces that have led to the duplication of similar forums in East Asia. Although the concern over crisis management is the central issue in East Asian financial cooperation, other issues such as exchange rate policy coordination and fostering regional capital markets are discussed as well.
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Paper provided by Institute of Developing Economies, Japan External Trade Organization(JETRO) in its series IDE Discussion Papers with number
68.
Length: Date of creation: Aug 2006 Date of revision: Publication status: Published in IDE Discussion Paper. No. 68. 2006.8 Handle: RePEc:jet:dpaper:dpaper68
Find related papers by JEL classification: F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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