The IMF and East Asia: a changing regional financial architecture
Description
The financial crises of 1997 and 1998 have had a profound effect on how East Asia sees the role of the IMF and its strategic interests relative to those of the United States in international finance. The crises have spurred demand for a regional financial architecture in East Asia – ranging from deeper policy dialogue and surveillance, a system of financial cooperation, and even talk of common exchange rate arrangements. This paper analyses the economic, strategic and chauvinistic motivations...[Show more]
dc.contributor.author | de Brouwer, Gordon | |
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dc.date.accessioned | 2004-03-22 | |
dc.date.accessioned | 2004-05-19T11:17:52Z | |
dc.date.accessioned | 2011-01-05T08:24:38Z | |
dc.date.available | 2004-05-19T11:17:52Z | |
dc.date.available | 2011-01-05T08:24:38Z | |
dc.date.created | 2002 | |
dc.identifier.uri | http://hdl.handle.net/1885/40645 | |
dc.identifier.uri | http://digitalcollections.anu.edu.au/handle/1885/40645 | |
dc.description.abstract | The financial crises of 1997 and 1998 have had a profound effect on how East Asia sees the role of the IMF and its strategic interests relative to those of the United States in international finance. The crises have spurred demand for a regional financial architecture in East Asia – ranging from deeper policy dialogue and surveillance, a system of financial cooperation, and even talk of common exchange rate arrangements. This paper analyses the economic, strategic and chauvinistic motivations behind this, and evaluates the merit of some of these proposals. Regional policy dialogue and surveillance in East Asia are weak, and the strengthening that is occurring through the ASEAN+3 grouping is welcome and important. There is also a strong case to be made for regional financial cooperation to complement global arrangements. A regional arrangement can secure liquidity and financing support to respond to small or localised crises, and may be a more effective preventive measure than the IMF’s Contingent Credit Line facility. A regional arrangement would also boost policy dialogue and surveillance. But progress to date has been slow. | |
dc.format.extent | 160641 bytes | |
dc.format.extent | 352 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | application/octet-stream | |
dc.language.iso | en_AU | |
dc.subject | IMF | |
dc.subject | International Monetary Fund | |
dc.subject | Contingent Credit Line | |
dc.subject | East Asia | |
dc.subject | regional financial architecture | |
dc.subject | international finance | |
dc.title | The IMF and East Asia: a changing regional financial architecture | |
dc.type | Working/Technical Paper | |
local.description.refereed | no | |
local.identifier.citationyear | 2002 | |
local.identifier.eprintid | 2425 | |
local.rights.ispublished | no | |
dc.date.issued | 2002 | |
local.contributor.affiliation | ANU | |
local.contributor.affiliation | APSEG | |
local.citation | Pacific Economic Papers No.324 | |
Collections | ANU Research Publications |
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File | Description | Size | Format | Image |
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pep-324.pdf | 156.88 kB | Adobe PDF |
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