Directions of East Asian Regional Financial Cooperation

Chalongphob Sussangkarn and Pakorn Vichyanond
Additional contact information
Chalongphob Sussangkarn: Thailand Development Research Institute, 565 Soi Ramkhamhaeng 39 Bangkok 10310, Thailand
Pakorn Vichyanond: Thailand Development Research Institute, 565 Soi Ramkhamhaeng 39 Bangkok 10310, Thailand

Asian Economic Papers, 2006, vol. 5, issue 3, pages 25-55

Abstract: The East Asian financial crisis was the impetus for many financial cooperation initiatives within the region. This paper reviews progress in a number of areas, particularly the Chiang Mai Initiative, which aims to enhance a country's access to foreign reserves in times of stress via a series of swap arrangements in the region, and the development of the Asian Bond Market in order to increase long-term financing for deficit countries so they will not have to rely mainly on short-term foreign borrowing, as was the case prior to the crisis. A number of recommendations are made, including the setting up of a regional organization to coordinate a multilateral version of the Chiang Mai Initiative and further development of the regional currency and bond markets to increase the private sector's access to long-term financing. Given the region's huge holding of foreign reserves, the paper also recommends a much more proactive approach in managing these reserves in order to influence global financial developments. (c) 2007 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

Date: 2006

Downloads: (external link)
http://www.mitpressjournals.org/doi/pdfplus/10.1162/asep.2006.5.3.25 link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
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: http://EconPapers.repec.org/RePEc:tpr:asiaec:v:5:y:2006:i:3:p:25-55

Ordering information: This journal article can be ordered from
http://www.mitpressjournals.org/loi/asep

Access Statistics for this article

Asian Economic Papers is edited by Jeffrey D. Sachs, Yunjong Wang and Wing Thye Woo

More articles in Asian Economic Papers from MIT Press
Series data maintained by Christopher F. Baum ().