East Asian Financial Cooperation (Policy Analyses in International Economics)
Editorial Reviews
Book Description
Since the financial crisis in the late 1990s, Asian governments have been considering strengthening regional monetary and financial cooperation. Proposals have ranged from the Asian Monetary Fund to common currencies. During the past two years, China, Japan, Korea and the member states of ASEAN have established a set of financial facilities under an agreement made in Chiang Mai, Thailand. The Chiang Mai Initiative (CMI) mobilizes a portion of the very large reserve holdings of its members for financial stabilization in a crisis. Organized under the "ASEAN Plus Three" grouping, these arrangements do not include the United States or other countries outside the region.
The CMI thus raises several important questions. Under what terms will financing be extended on a regional basis? Is it likely to stabilize or destabilize international capital flows? What will be the relationship to the International Monetary Fund and other official financial institutions? How should governments build on these arrangements in the future? Could they provide the basis for broader integration of the East Asian region?
This study examines the case for and against regional financial arrangements in East Asia, describes the CMI, compares it to financial arrangements in other regions, and recommends how the Initiative can preserve its complementarity to multilateral institutions and be strengthened in the future. The study speaks specifically to the concerns of Americans, Europeans and multilateral organizations, assessing the pros and cons for the global system of such regional financial arrangements.
About the Author
C. Randall Henning is Associate Professor at the School of International Service, American University. He is the author of The Exchange Stabilization Fund: Slush Money or War Chest (1999), Cooperating with Europe's Monetary Union (1997), and Currencies and Politics in the United States, Germany, and Japan (1994), coauthor of Global Economic Leadership and the Group of Seven (1996) with C. Fred Bergsten and Dollar Politics: Exchange Rate Policymaking in the United States (1989), and coeditor of Reviving the European Union (1994).
East Asian Financial Cooperation (Policy Analyses in International Economics),C. Randall Henning,Institute for International Economics,0881323381,Business & Economics,Business / Economics / Finance,Business/Economics,East Asia,Finance,Foreign economic relations,International - Economics
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