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Regional Surveillance for East Asia: How Can It Be Designed to Complement Global Surveillance?

Author

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  • Takagi, Shinji

    (Graduate School of Economics, Osaka University)

Abstract

This paper discusses conceptual and operational issues related to regional surveillance for East Asia, which is a topic that has assumed considerable prominence in recent months. The need for regional surveillance is both immediate and evolving. For the immediate need, a surveillance mechanism must cover the operational requirements of the Chiang Mai Initiative Multilateralization (CMIM) as a conditional lending facility. At the same time, it must also respond to East Asia’s evolving need for a formal framework of policy dialogue and cooperation as economic integration deepens and macroeconomic interdependence strengthens. The paper discusses six principles that can help guide the design of an effective regional surveillance mechanism for East Asia: (i) avoid duplication with other organizations, (ii) clearly define the purpose of surveillance, (iii) centralize surveillance activities in a single organizational unit, (iv) use objective indicators to inform analysis, (v) design the governance structure to ensure independence, and (vi) provide analysis and recommendations directly to senior policymakers.

Suggested Citation

  • Takagi, Shinji, 2010. "Regional Surveillance for East Asia: How Can It Be Designed to Complement Global Surveillance?," Working Papers on Regional Economic Integration 50, Asian Development Bank.
    • Handle: RePEc:ris:adbrei:0050
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    References listed on IDEAS

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    1. Park, Cyn-Young & Majuca, Ruperto & Yap, Josef, 2010. "The 2008 Financial Crisis and Potential Output in Asia: Impact and Policy Implications," Working Papers on Regional Economic Integration 45, Asian Development Bank.
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    Cited by:

    1. Siregar, Reza & Miyaki, Keita, 2013. "Regional Financial Arrangement: An Impetus for Regional Policy Cooperation," MPRA Paper 51050, University Library of Munich, Germany.
    2. Kawai, Masahiro, 2015. "From the Chiang Mai Initiative to an Asian Monetary Fund," ADBI Working Papers 527, Asian Development Bank Institute.
    3. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    4. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
    5. Mario Lamberte & Peter J. Morgan, 2012. "Regional and Global Monetary Cooperation," Finance Working Papers 23190, East Asian Bureau of Economic Research.
    6. Reza Siregar & Akkharaphol Chabchitrchaidol, 2014. "Enhancing the effectiveness of CMIM and AMRO: challenges and tasks," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 4, pages 55-82, Edward Elgar Publishing.

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    More about this item

    Keywords

    Surveillance; Global and regional surveillance; surveillance design mechanism; East Asia;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy

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