IDEAS home Printed from https://ideas.repec.org/p/eab/financ/22079.html

Towards An Asian “Bretton Woods†for Restructuring of the Regional Financial Architecture

Author

Listed:
  • Ramgopal Agarwala

    (RIS)

Abstract

Despite a plethora of programs for increased financial co-operation in Asia, there has been very little real progress in developing a regional architecture for financial co-operation in Asia. While the risks of repetition of 1997-98 style financial crisis in Asia are not high today, there are new risks of financial turbulence originating from sub-prime crisis in the US and new opportunities for using the financial strength of the region for accelerated growth with equity. To guard against these risks and to exploit these opportunities, a bold new initiative in the region is needed. The idea of Asian Monetary Fund proposed by Japan in 1998 needs to be revived, perhaps with a different nomenclature and a different terms of reference. This paper proposes a Reserve Bank of Asia which will be a combination of IMF and the World Bank at regional level. In order to respond to the current crisis, the major players in the region should develop a consensus on the outline of a regional financial architecture and call a conference of EAS countries to prepare Articles of Agreement for the institution much as was done at Bretton Woods some sixty years ago.

Suggested Citation

  • Ramgopal Agarwala, 2008. "Towards An Asian “Bretton Woods†for Restructuring of the Regional Financial Architecture," Finance Working Papers 22079, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:financ:22079
    as

    Download full text from publisher

    File URL: http://www.eaber.org/node/22079
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Guonan Ma & Eli M Remolona, 2005. "Opening markets through a regional bond fund: lessons from ABF2," BIS Quarterly Review, Bank for International Settlements, June.
    2. Robert W. Fogel, 2007. "Capitalism and Democracy in 2040: Forecasts and Speculations," NBER Working Papers 13184, National Bureau of Economic Research, Inc.
    3. Barry Eichengreen & Pipat Luengnaruemitchai, 2008. "Bond Markets as Conduits for Capital Flows: How Does Asia Compare?," NBER Chapters, in: International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, pages 267-313, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. YV Reddy, 2012. "Financial sector regulation and macroeconomic policy," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial sector regulation for growth, equity and stability, volume 62, pages 29-37, Bank for International Settlements.
    2. Okawa, Yohei & van Wincoop, Eric, 2012. "Gravity in International Finance," Journal of International Economics, Elsevier, vol. 87(2), pages 205-215.
    3. Joseph McKinney, 2014. "The Changing Global Economy: Roles Of The United States And The European Union In The Evolving Context," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 57-68.
    4. Rudiger Ahrend & Antoine Goujard, 2012. "International Capital Mobility and Financial Fragility - Part 3. How Do Structural Policies Affect Financial Crisis Risk?: Evidence from Past Crises Across OECD and Emerging Economies," OECD Economics Department Working Papers 966, OECD Publishing.
    5. Ramkishen S. Rajan, 2006. "Monetary and Financial Cooperation in Asia : Emerging Trends and Prospects," Finance Working Papers 22125, East Asian Bureau of Economic Research.
    6. Hiroshi Fujiki & Akiko Terada-Hagiwara, 2007. "Financial Integration in East Asia," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 25(S1), pages 57-100, December.
    7. Chiţu, Livia & Eichengreen, Barry & Mehl, Arnaud, 2014. "History, gravity and international finance," Journal of International Money and Finance, Elsevier, vol. 46(C), pages 104-129.
    8. Suresh Sundaresan, 2006. "Developing multiple layers of financial intermediation: the complementary roles of corporate bond markets and banks," BIS Papers chapters, in: Bank for International Settlements (ed.), Developing corporate bond markets in Asia, volume 26, pages 24-30, Bank for International Settlements.
    9. Suiwah Leung, 2010. "Finance, Trade and Development in East Asia: Opportunities for Mekong Economies," Chapters, in: Suiwah Leung & Ben Bingham & Matt Davies (ed.), Globalization and Development in the Mekong Economies, chapter 4, Edward Elgar Publishing.
    10. Peter B. Kenen & Ellen E. Meade, 2006. "Monetary integration in East Asia," Proceedings, Federal Reserve Bank of San Francisco, issue jun.
    11. Jenifer Piesse & Nitawan Israsena & Colin Thirtle, 2007. "Volatility Transmission in Asian Bond Markets: Tests of Portfolio Diversification," Asia Pacific Business Review, Taylor & Francis Journals, vol. 13(4), pages 585-607, October.
    12. Már Gudmundsson, 2008. "Near‐Term Exchange Rate Flexibility In East Asia: Precursor To Regional Monetary Union?," Pacific Economic Review, Wiley Blackwell, vol. 13(1), pages 62-82, February.
    13. Fabian J. Baier & Paul J. J. Welfens, 2019. "The UK’s banking FDI flows and Total British FDI: a dynamic BREXIT analysis," International Economics and Economic Policy, Springer, vol. 16(1), pages 193-213, March.
    14. Barry Eichengreen & Donghyun Park & Kwanho Shin, 2012. "When Fast-Growing Economies Slow Down: International Evidence and Implications for China," Asian Economic Papers, MIT Press, vol. 11(1), pages 42-87, Winter/Sp.
    15. Valentina Gullo & Pierluigi Montalbano, 2018. "Where does “dirty” money go? A gravity analysis," Working Papers 5/18, Sapienza University of Rome, DISS.
    16. Lian Liu & Yuming Cui & Changrong Lu, 2020. "Empirical study on intra‐regional bond investment: an application to East Asia," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 34(1), pages 63-75, May.
    17. Jean Fouré & Agnès Bénassy-Quéré & Lionel Fontagné, 2010. "The World Economy in 2050: a Tentative Picture," Working Papers 2010-27, CEPII research center.
    18. Marine Coupaud, 2013. "Contagion Des Crises De 1997 Et 2008 En Asean+3: Un Modele Var Structurel," Working Papers hal-00913175, HAL.
    19. Hans Genberg, 2006. "Exchange-rate arrangements and financial integration in East Asia: on a collision course?," International Economics and Economic Policy, Springer, vol. 3(3), pages 359-377, December.

    More about this item

    Keywords

    ;
    ;

    JEL classification:

    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eab:financ:22079. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Shiro Armstrong (email available below). General contact details of provider: https://edirc.repec.org/data/eaberau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.