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Revisiting Asian Monetary and Financial Cooperation

In: Emerging Asia

Author

Listed:
  • Ramkishen S. Rajan

    (School of Public Policy, George Mason University, USA and Visiting Senior Fellow, Institute of Southeast Asian Studies (ISEAS))

Abstract

An important lesson that the Asian economies took away from the Asian financial crisis of 1997–98 was the need to accumulate reserves as a safeguard against future financial crises. Reserve build-up in the region has been phenomenal (admittedly, some of it has been due to exchange rate policies per se). Interestingly, many chose not to allow their reserves to decline too rapidly during the global financial crisis (GFC) of 2008–09, realising that the use of reserves is not always effective during all crises.1 So, after the GFC, the region has again been stockpiling reserves (Figure 13.1). However, the crisis has made these countries face up to the fact that there are limits to own reserve accumulation as a means of self-insurance. Specifically, since the opportunity costs can get prohibitively high how much is enough?

Suggested Citation

  • Ramkishen S. Rajan, 2011. "Revisiting Asian Monetary and Financial Cooperation," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Emerging Asia, chapter 13, pages 75-79, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-30627-1_13
    DOI: 10.1057/9780230306271_13
    as

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