Asian Regional Policy Coordination

Edwin Truman

No WP11-21, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper addresses two central questions for Asia and the world: (1) What is the purpose of Asian regional policy coordination going forward? (2) Will Asian regional policy coordination substitute or complement global policy coordination? The paper examines the potential coverage and content of such policy coordination, what is meant by Asia in this context, and how Asia fits in with global policy coordination processes. I address three related aspects of Asian regional policy coordination: macroeconomic policies, reserve management, and crisis management. I conclude that while the countries in the Asian region have not completely exploited the scope for regional policy coordination, more ambitious efforts focused on close integration are not likely to bear fruit, in particular, if they are conceived and promoted under the banner of Asian exceptionalism. These conclusions are based on two main considerations: First, Asian economies differ, and will continue to differ, sufficiently in size and stage of development such that it is difficult to conceive of a successful voluntary blending of their interests. Second, the central lesson of the global financial crisis and its current European coda is that global economic and financial integration has advanced sufficiently that countries can run but they cannot hide individually or in sub-global groups of countries.

Keywords: Asia; Emerging Asia; Regional Arrangements; International Monetary Fund; Group of Twenty (G-20); Global Financial Safety Net; Special Drawing Rights; Chiang Mai Initiative; Chiang Mai Initiative Multilateralized; Current Account Adjustment; Exchange Rates (search for similar items in EconPapers)
JEL-codes: F02 F15 F32 F33 F36 F42 F53 F55 (search for similar items in EconPapers)
Date: 2011-12
New Economics Papers: this item is included in nep-cwa and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.piie.com/publications/working-papers/a ... -policy-coordination (text/html)

Related works:
Journal Article: Asian regional policy coordination (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:iie:wpaper:wp11-21

Access Statistics for this paper

More papers in Working Paper Series from Peterson Institute for International Economics Contact information at EDIRC.
Bibliographic data for series maintained by Peterson Institute webmaster ().