Regional Surveillance for East Asia: How Can It Be Designed to Complement Global Surveillance?
AbstractThis paper discusses conceptual and operational issues related to regional surveillance for East Asia, which is a topic that has assumed considerable prominence in recent months. The need for regional surveillance is both immediate and evolving. For the immediate need, a surveillance mechanism must cover the operational requirements of the Chiang Mai Initiative Multilateralization (CMIM) as a conditional lending facility. At the same time, it must also respond to East Asia’s evolving need for a formal framework of policy dialogue and cooperation as economic integration deepens and macroeconomic interdependence strengthens. The paper discusses six principles that can help guide the design of an effective regional surveillance mechanism for East Asia: (i) avoid duplication with other organizations, (ii) clearly define the purpose of surveillance, (iii) centralize surveillance activities in a single organizational unit, (iv) use objective indicators to inform analysis, (v) design the governance structure to ensure independence, and (vi) provide analysis and recommendations directly to senior policymakers.
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Bibliographic InfoPaper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 50.
Length: 28 pages
Date of creation: 01 May 2010
Date of revision:
Surveillance; Global and regional surveillance; surveillance design mechanism; East Asia;
Find related papers by JEL classification:
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-29 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cyn-Young Park & Ruperto P. Majuca & Josef T. Yap, 2010.
"The 2008 Financial Crisis and Potential Output in Asia : Impact and Policy Implications,"
Finance Working Papers
23101, East Asian Bureau of Economic Research.
- Park, Cyn-Young & Majuca, Ruperto & Yap, Josef, 2010. "The 2008 Financial Crisis and Potential Output in Asia: Impact and Policy Implications," Working Papers on Regional Economic Integration 45, Asian Development Bank.
- Yap, Josef T. & Majuca, Ruperto P. & Park, Cyn-Young, 2010. "The 2008 Financial Crisis and Potential Output in Asia: Impact and Policy Implications," Discussion Papers DP 2010-11, Philippine Institute for Development Studies.
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