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Toward regional financial and monetary cooperation in East Asia

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  • Young-il Park

Abstract

The financial and economic crisis in 1997-98 came as a dramatic shock to East Asian economies, and has prompted to institutionalize a regional financial and monetary cooperation. This paper demonstrates the strong will of East Asian countries to develop the regional financial and monetary cooperation, outlines recent developments, and provides possible prospects for the future. It points out that the option to keep consistent with the IMF system actually weakens regional solidarity, and recommends an immediate establishment of a strong regional surveillance and peer pressure mechanism for the Chiang Mai Initiative (CMI) to evolve into a common pool of foreign exchange reserves, a sort of East Asian IMF. It also argues that East Asian countries should closely coordinate their exchange rate regime to maintain intra-regional and extra-regional exchange rate stability.

Suggested Citation

  • Young-il Park, 2003. "Toward regional financial and monetary cooperation in East Asia," Global Economic Review, Taylor & Francis Journals, vol. 32(4), pages 21-44.
    • Handle: RePEc:taf:glecrv:v:32:y:2003:i:4:p:21-44
    DOI: 10.1080/12265080308422929
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    References listed on IDEAS

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    1. Kwan, C. H., 1998. "The theory of optimum currency areas and the possibility of forming a yen bloc in Asia," Journal of Asian Economics, Elsevier, vol. 9(4), pages 555-580.
    2. Yong Deng, 1997. "Promoting Asia-Pacific Economic Cooperation," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-38012-7.
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