Financial Governance in East Asia -Policy Dialogue, Surveillance and Cooperation
Editor : Gordon De Brouwer, Yunjong Wang
Illustrations : 17 line drawings and 22 tables
Master eBook ISBN10 : 0-203-35641-1
Master eBook ISBN13 : 978-0-203-35641-8
No of pages : 336
eBook Price : $44.95
Originally Published : 11 Dec 2003
The focus of international financial reform in recent years has largely been on a global level, in terms of improving the international financial architecture, and on a national level, in terms of getting domestic economic and structural policies right. But there is also a growing appetite for addressing issues on a regional level. In East Asia, for example, governments have sought deeper regional policy dialogue with the creation of the ASEAN+3 forum and enhanced financial cooperation by setting up the Chiang Mai Initiative. In order to maintain strong and effective regional institutions Financial Governance in East Asia argues that regional policy dialogue and surveillance processes will have to be improved, as well as further development of regional mechanisms to provide financial support to prevent and resolve financial crises.
These developments raise many questions including:
· What is ''best-practice'' regional policy dialogue?
· How is a regional financial architecture complementary to the global architecture?
· What sorts of institutions work well at a regional level?
· Do regions need a regional monetary fund?
· What is going on in East Asia and how is it different to other regions?
By outlining the importance of a well-designed regional architecture alongside global mechanisms and sound domestic policies, the contributors argue that although there is no single track to reduce the risks of financial crises, there is certainly a place for regional institutions and cooperation. This book will interest all those concerned with the financial future of East Asia whether from an Asian Studies, economics or business studies background.
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Table of contents : 1. Policy dialogue, surveillance and financial cooperation in East Asia Gordon de Brouwer and Yunjong Wang 2. Policy dialogue in East Asia: Principles for success Stephen Grenville 3. IMF and ADB perspectives on regional surveillance in East Asia Gordon de Brouwer 4. Structures to support stability and growth: Some observations based on UK experience Andrew Kilpatrick 5. The complex political economy of coooperation and integration C. Randall Henning 6. A Stocktake of institutions for regional cooperation Takatoshi Ito and Koji Narita 7. Strengthening regional financial cooperation in East Asia Haruhiko Kurado and Masahiro Kawai 8. The management of financial crises: Theory and Policy Prasanna Gai 9. Instruments and techniques for financial cooperation Yunjong Wang 10. The compatibility of capital controls with the development of financial markets Menzie D. Chinn 11. Unilateral regional and multilateral options for East Asia Ramkishen S. Rajan 12. The role of regional financial arrangements in the international financial architecture Martin Parkinson, Phil Garton and Ian Dickson 13. The Basel Process and regional harmonisation in an Asian context Shinichi Yoshikuni