East Asian Financial Cooperation (Policy Analyses in International Economics, No. 68)
C. Randall HenningISBN: 0881323381;
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...
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