Chapter

Initiatives for Financial Cooperation and Macroeconomic Surveillance

Yung Chul Park and Charles Wyplosz

in Monetary and Financial Integration in East Asia

Published in print July 2010 | ISBN: 9780199587124
Published online September 2010 | e-ISBN: 9780191723377 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199587124.003.0003
Initiatives for Financial Cooperation and Macroeconomic Surveillance

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The 1997 financial crisis gave a strong impetus to a search for cooperation. The result was the Chiang Mai initiative, a regional system of bilateral currency swap arrangements. Although the arrangement did not play a role when the global financial crisis started to hit East Asia in 2008, the evolution is not entirely different from Europe's, including multilateralization linked to surveillance. The Asian Bond Initiative's aims are less convincing. In contrast, the European countries have relied on market forces to seek financial integration. The chapter also examines the Asian Currency Unit Initiative.

Keywords: cooperation; swap arrangements; multilateralization; Chiang Mai Initiative; Asian bond initiative; Asian currency unit

Chapter.  17004 words.  Illustrated.

Subjects: Financial Markets

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