Monetary and Financial Cooperation in East Asia: The State of Affairs after the Global and European Crises
This book presents contributions by scholars from different countries and provide evaluations of the global and eurozone crises and of their relevance for East Asian integration.
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 East Asian crisis of 1997/98, 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 regional disagreements. Still, integration into the global financial system and Europe's regional process were seen as objectives to be adapted to East Asia. The crises have shaken this strategy but also revealed the preexisting deep disagreements.
This book presents contributions by scholars from different countries. Each one was invited to describe the vision of their policy makers. Competition between the region's largest economies reveals their declining interest in regional cooperation. Meanwhile, smaller Asian economies remain attached to regional cooperation and integration. They look for pragmatic solutions that recognize the value chain characteristic of trade. Additional contributions by US and European scholars provide evaluations of the global and eurozone crises and of their relevance for East Asian integration.
Co-published with Oxford University Press. For orders, please contact Oxford University Press.
- Introduction by Charles Wyplosz
- Financial and Monetary Cooperation in East Asia: An Overview by Masahiro Kawai and Yung Chul Park
- International Financial Integration and Crisis Intensity by Andrew K. Rose
- Lessons from the European Public Debt Crisis by Charles Wyplosz
- A View from ASEAN by Chalongphob Sussangkarn and Worapot Manupipatpong
- A View from the People's Republic of China by Yongding Yu
- A View from Japan by Masahiro Kawai
- A View from the Republic of Korea by Yung Chul Park and Chi-Young Song