East Asian Financial Cooperation

By: C. Randall Henning

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Paperback | 27 September 2002 | Edition Number 1

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144 Pages

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22+

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2.28 x 1.53 x 0.07

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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 CMI's relationship be to the International Monetary Fund and other official financial institutions? How should governments build on these arrangements in the future? Could they provide the basis for broader integration of the East Asian region?This study examines the case for and against regional financial arrangements in East Asia, describes the CMI, compares it to financial arrangements in other regions, and recommends how the Initiative can preserve its complementarity to multilateral institutions and be strengthened in the future. The study specifically addresses the concerns of Americans, Europeans, and multilateral organizations, assessing the pros and cons of such regional financial arrangements for the global system.

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Non-Fiction Politics & Government International Relations Economics International Economics International Finance Accounting & Finance Finance Industry & Industrial Studies Service Industries

Preface	p. vii
Acknowledgments	p. xi
Acronyms	p. xiii
Introduction	p. 1
The Case for Financial Regionalism	p. 5
The Chiang Mai Initiative	p. 11
Decisions at Chiang Mai	p. 12
Follow-Through	p. 14
Financial Significance	p. 22
Current Agenda	p. 25
Alternative Futures	p. 27
Broader Implications	p. 28
Prospects	p. 29
Critiques of the CMI	p. 33
Necessity	p. 33
Moral Hazard	p. 37
Additionality	p. 38
Political Support	p. 39
Covariation	p. 40
The Worst-Case Scenario	p. 41
Comparison of Other Regional Financial Arrangements with the CMI	p. 49
Bilateral Swaps among the Group of Ten	p. 49
European Facilities	p. 53
The North American Framework Agreement	p. 59
The CMI in Comparative Perspective	p. 60
The Interests of the United States and the International Monetary Fund	p. 63
The United States	p. 63
The International Monetary Fund	p. 68
Conclusions and Recommendations	p. 75
Summary of the Case for Regionalism	p. 75
The International Monetary Fund	p. 77
The United States	p. 86
ASEAN plus Three	p. 87
A Final Note	p. 95
Model of Reciprocal Currency Agreements of the US Federal Reserve System	p. 97
References	p. 99
Index	p. 109
Tables
Bilateral swap agreements under the Chiang Mai Initiative	p. 20
Swap arrangements under the Chiang Mai Initiative, Northeast Asia to ASEAN	p. 23
Swap arrangements under the Chiang Mai Initiative within Northeast Asia	p. 24
Reciprocal currency arrangements of the United States	p. 51
Foreign exchange market intervention in the European Monetary System	p. 56
EU balance of payments loans	p. 58
Comparison of swap arrangements and facilities	p. 62
Comparison of IMF quotas and basic indicators of the United States and regions	p. 73
Figures
East Asian foreign exchange reserves	p. 7
Exchange rates of East Asian currencies	p. 35
Boxes
What is a "currency swap"?	p. 16
Principles of regionalism for the International Monetary Fund	p. 79
Table of Contents provided by Syndetics. All Rights Reserved.

East Asian Financial Cooperation

At a Glance

Paperback

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How to return your order

Defective items

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