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Monetary and Financial Cooperation in East Asia
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Monetary and Financial Cooperation in East Asia: The State of Affairs After the Global and European Crises

Masahiro Kawai, Yung Chul Park, and Charles Wyplosz

Abstract

The Global Financial Crisis and the Eurozone crisis have led to a profound rethink in East Asia about the international monetary system and regional monetary and financial integration. After the Asian financial crisis of 1997–8, deeper regional cooperation was seen as the way to avoid reliance on the IMF and the rest of the world. Steps were taken, but they were limited because of economic diversity among the countries and regional rivalries. Still, integration into the global financial system and Europe’s regional process were seen as objectives to be adapted to East Asia, as detailed in an o ... More

Keywords: East Asia, regional integration, exchange rates, international reserves, exchange rate regimes, monetary cooperation, Chiang Mai Initiative

Bibliographic Information

Print publication date: 2015 Print ISBN-13: 9780198714156
Published to Oxford Scholarship Online: May 2015 DOI:10.1093/acprof:oso/9780198714156.001.0001

Authors

Affiliations are at time of print publication.

Masahiro Kawai, editor
Professor of Economics, University of Tokyo

Yung Chul Park, editor
Professor of Economics, Korea University

Charles Wyplosz, editor
Professor of International Economics, The Graduate Institute, Geneva

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