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Financial and Monetary Cooperation in Asia: Challenges after the Global Financial Crisis

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  • Soyoung Kim
  • Doo Yong Yang

Abstract

This paper reviews recent developments in regional financial and monetary cooperation in East Asia, and suggests some issues that could contribute to more constructive development in the future. The regional monetary and financial cooperation was originally motivated by the Asian financial crisis, but it has faced new challenges due to some recent events, such as the global financial crisis and global imbalances. We review recent developments of regional financial and monetary cooperation in East Asia, such as CMIM, ABMI and ABF, and regional surveillance mechanisms. We argue that there are several issues to be discussed in developing more effective regional financial and monetary cooperation: including developing CMIM to be effective in preventing future crisis, linking regional cooperation with global financial architecture properly, constructing effective surveillance mechanism, and strengthening regional policy dialogue.

Suggested Citation

  • Soyoung Kim & Doo Yong Yang, 2011. "Financial and Monetary Cooperation in Asia: Challenges after the Global Financial Crisis," International Economic Journal, Taylor & Francis Journals, vol. 25(4), pages 573-587, December.
  • Handle: RePEc:taf:intecj:v:25:y:2011:i:4:p:573-587
    DOI: 10.1080/10168737.2011.636622
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    References listed on IDEAS

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    1. Maurice Obstfeld, 2004. "Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies," NBER Working Papers 10849, National Bureau of Economic Research, Inc.
    2. Obstfeld, Maurice, 2004. "Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies: Keynote Speech," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 22(S1), pages 29-55, December.
    3. Jagdish N. Bhagwati, 2004. "In Defense of Globalization: It Has a Human Face," Rivista di Politica Economica, SIPI Spa, vol. 94(6), pages 9-20, November-.
    4. Enrique G. Mendoza, 2002. "Credit, Prices, and Crashes: Business Cycles with a Sudden Stop," NBER Chapters,in: Preventing Currency Crises in Emerging Markets, pages 335-392 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Soyoung Kim, 2014. "Effects of Monetary Policy Shocks on the Exchange Rate in the Republic of Korea: Capital Flows in Stock and Bond Markets," Asian Development Review, MIT Press, vol. 31(1), pages 121-135, March.
    2. repec:bla:rdevec:v:21:y:2017:i:4:p:e131-e146 is not listed on IDEAS
    3. repec:spr:weltar:v:154:y:2018:i:1:d:10.1007_s10290-017-0300-6 is not listed on IDEAS

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