 The Chiang Mai Process as a Case Study of Financial Cooperation in Pacific Asia: Institutional Issues and ExperiencesWerner Pascha ()
A chapter in Currency Cooperation in East Asia, 2014, pp 97-110 from Springer Abstract: Abstract The recent experience of the Chiang Mai process of financial cooperation in East Asia is explored. It serves as a case study of how the challenges of institution building can be overcome in East Asia and what challenges still remain. Such issues include the following: How can one cope with the challenge of leadership and hegemonic rivalry? To what extent are mechanisms robust and reliable in the case of potential crises, or are they merely window-dressing? How can deviant behaviour from opportunistic members be overcome? It is argued that despite impressive formal development over the last 15 years, the Chiang Mai process still lacks the compelling means to work as a regional crisis mechanism. Political symbolism and opening communication channels seem more important than solving hard-core international economic policy challenges. With respect to the institutional prerequisites for future currency cooperation, this elicits only guarded expectations. Keywords: Financial Market; Central Bank; Moral Hazard; Asian Financial Crisis; Rescue Package (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:fimchp:978-3-319-03062-3_6 Ordering information: This item can be ordered from DOI: 10.1007/978-3-319-03062-3_6 Access Statistics for this chapter More chapters in Financial and Monetary Policy Studies from Springer |
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