The focus of international financial reform in recent years has largely been at the global level, in terms of improving the international financial architecture, and at the national level in terms of getting domestic economic and structural policies right. But there is also a growing appetite for addressing some issues at a regional level. This debate has focused on improving regional policy dialogue and surveillance processes, as well as developing regional mechanisms to provide financial support to prevent and resolve financial crises. In East Asia, for example, governments have sought deeper regional policy dialogue by the creation of ASEAN+3 forum and enhanced financial cooperation by setting up the Chiang Mai Initiative. These developments raise many questions: 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? This volume brings together a range of policy, practical and conceptual papers to explore these and other issues.
Table of Contents
1. Policy dialogue, surveillance and financial cooperation in East Asia 2. Policy dialogue in East Asia: Principles for success 3. IMF and ADB perspectives on regional surveillance in East Asia 4. Structures to support stability and growth: Some observations based on UK experience 5. The complex political economy of coooperation and integration 6. A Stocktake of institutions for regional cooperation 7. Strengthening regional financial cooperation in East Asia 8. The management of financial crises: Theory and Policy 9. Instruments and techniques for financial cooperation 10. The compatibility of capital controls with the development of financial markets 11. Unilateral regional and multilateral options for East Asia 12. The role of regional financial arrangements in the international financial architecture 13. The Basel Process and regional harmonisation in an Asian context
Gordon de Brouwer is Professor of Economics in the Asia Pacific School of Economics and Government at the Australian National University.
Yunjong Wang is Senior Research Fellow in the Department of International Macroeconomics and Finance at the Korea Institute for International Economic Policy.