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The Chiang Mai Process as a Case Study of Financial Cooperation in Pacific Asia: Institutional Issues and Experiences

In: Currency Cooperation in East Asia

Author

Listed:
  • Werner Pascha

    (University of Duisburg-Essen)

Abstract

The recent experience of the Chiang Mai process of financial cooperation in East Asia is explored. It serves as a case study of how the challenges of institution building can be overcome in East Asia and what challenges still remain. Such issues include the following: How can one cope with the challenge of leadership and hegemonic rivalry? To what extent are mechanisms robust and reliable in the case of potential crises, or are they merely window-dressing? How can deviant behaviour from opportunistic members be overcome? It is argued that despite impressive formal development over the last 15 years, the Chiang Mai process still lacks the compelling means to work as a regional crisis mechanism. Political symbolism and opening communication channels seem more important than solving hard-core international economic policy challenges. With respect to the institutional prerequisites for future currency cooperation, this elicits only guarded expectations.

Suggested Citation

  • Werner Pascha, 2014. "The Chiang Mai Process as a Case Study of Financial Cooperation in Pacific Asia: Institutional Issues and Experiences," Financial and Monetary Policy Studies, in: Frank Rövekamp & Hanns Günther Hilpert (ed.), Currency Cooperation in East Asia, edition 127, pages 97-110, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-03062-3_6
    DOI: 10.1007/978-3-319-03062-3_6
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