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The Advancement of Monetary Regionalism in East Asia

In: New Issues in Regional Monetary Coordination

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  • Heribert Dieter

Abstract

Since the Asian financial crisis of 1997, East Asia has been exploring the possibilities for enhanced monetary cooperation. The experience of the weaknesses of existing regional institutional economic arrangements encouraged scholars and policy-makers alike to examine the potential for regional — as opposed to national or global — mechanisms for the stabilization of financial markets. In 2005 both progress and stumbling blocs can be identified. Whereas cooperation progresses on the level of central banks, the prospects for comprehensive integration in East Asia appear to be not very bright. The conflict between Japan on the one side and China as well as South Korea on the other seems to have hollowed out the modest progress of the recent past. Nevertheless, monetary regionalism continues to be plausible, but probably not in the medium term. One of the questions to be considered today is whether integration in East Asia without the participation of Japan could be developing.

Suggested Citation

  • Heribert Dieter, 2006. "The Advancement of Monetary Regionalism in East Asia," Palgrave Macmillan Books, in: Barbara Fritz & Martina Metzger (ed.), New Issues in Regional Monetary Coordination, chapter 10, pages 188-219, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50244-4_10
    DOI: 10.1057/9780230502444_10
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