The IMF and East Asia: A Changing Regional Financial Architecture
The financial crises of 1997 and 1998 have had a profound effect on how East Asia sees the role of the IMF and its strategic interests relative to those of the United States in international finance. The crises have spurred demand for a regional financial architecture in East Asia – ranging from deeper policy dialogue and surveillance, a system of financial cooperation, and even talk of common exchange rate arrangements. This paper analyses the economic, strategic and chauvinistic motivations behind this, and evaluates the merit of some of these proposals. Regional policy dialogue and surveillance in East Asia are weak, and the strengthening that is occurring through the ASEAN+3 grouping is welcome and important. There is also a strong case to be made for regional financial cooperation to complement global arrangements. A regional arrangement can secure liquidity and financing support to respond to small or localised crises, and may be a more effective preventive measure than the IMF’s Contingent Credit Line facility. A regional arrangement would also boost policy dialogue and surveillance. But progress to date has been slow.
|Date of creation:||Feb 2002|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (61-2) 6249 3780
Fax: (61-2) 6249 3941
Web page: https://crawford.anu.edu.au/research_units/ajrc/Email:
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Roberto Rigobon, 2002.
"Contagion: How to Measure It?,"
in: Preventing Currency Crises in Emerging Markets, pages 269-334
National Bureau of Economic Research, Inc.
- Kawai, Masahiro & Akiyama, Shigeru, 2000. "Implications of the currency crisis for exchange rate arrangements in emerging East Asia," Policy Research Working Paper Series 2502, The World Bank.
When requesting a correction, please mention this item's handle: RePEc:csg:ajrcau:324. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Akira Kinefuchi)
If references are entirely missing, you can add them using this form.