Taking Stock of Monetary and Financial Cooperation in Asia

Ramkishen Rajan

Chapter 10 in Exchange Rates, Currency Crisis and Monetary Cooperation in Asia, 2009, pp 215-226 from Palgrave Macmillan

Abstract: Abstract Ever since the currency crisis of 1997–1998 there has been a great deal of interest in enhancing regional economic cooperation in Asia. It is important to keep in mind that economic regionalism is multidimensional in nature. As noted by Kuroda (2005), economic regionalism can be broadly divided into four categories, viz. trade and investment; monetary and financial2; infrastructure development and related software; and cross-border public goods (cooperation with regard to contagious diseases such as avian flu and SARS, as well as cross-border pollution such as the haze fires in Indonesia which affected many of its Southeast Asian neighbours). This chapter concentrates on the issue of de jure (as opposed to de facto) monetary and financial regionalism in Asia. In other words, the focus here is on policy initiatives underway in Asia to enhance monetary and financial regionalism and the analytical bases for these initiatives rather than on examining the actual level of financial and monetary links that already exist (which may or may not have been facilitated via regional policy mechanisms).

Keywords: International Monetary Fund; Bond Market; Bank Lending; Asian Development Bank; Capital Outflow (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23419-2_10

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DOI: 10.1057/9780230234192_10

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