East Asian Financial Cooperation

East Asian Financial Cooperation

by C. Randall Henning
     
 

This study examines the case for and against regional financial arrangements in East Asia, focusing on the Chiang Mai Initiative (CMI). The study describes the main elements of the CMI, compares it to financial arrangements in other regions, and recommends how the initiative can preserve its complementarity to multilateral institutions and how it can be strengthened… See more details below

Overview

This study examines the case for and against regional financial arrangements in East Asia, focusing on the Chiang Mai Initiative (CMI). The study describes the main elements of the CMI, compares it to financial arrangements in other regions, and recommends how the initiative can preserve its complementarity to multilateral institutions and how it can be strengthened in the future. The study specifically addresses the concerns of American, European, and multilateral organizations, assessing the impact of East Asian financial arrangements on the global system. Henning is associate professor at the School of International Service, American University. Annotation c. Book News, Inc.,Portland, OR

Product Details

ISBN-13:
9780881323382
Publisher:
Peterson Institute for International Economics
Publication date:
10/28/2002
Series:
Policy Analyses in International Economics Series
Edition description:
New Edition
Pages:
144
Product dimensions:
5.88(w) x 9.70(h) x 0.28(d)

Meet the Author

Table of Contents

Prefacevii
Acknowledgmentsxi
Acronymsxiii
1Introduction1
2The Case for Financial Regionalism5
3The Chiang Mai Initiative11
Decisions at Chiang Mai12
Follow-Through14
Financial Significance22
Current Agenda25
Alternative Futures27
Broader Implications28
Prospects29
4Critiques of the CMI33
Necessity33
Moral Hazard37
Additionality38
Political Support39
Covariation40
The Worst-Case Scenario41
5Comparison of Other Regional Financial Arrangements with the CMI49
Bilateral Swaps among the Group of Ten49
European Facilities53
The North American Framework Agreement59
The CMI in Comparative Perspective60
6The Interests of the United States and the International Monetary Fund63
The United States63
The International Monetary Fund68
7Conclusions and Recommendations75
Summary of the Case for Regionalism75
The International Monetary Fund77
The United States86
ASEAN plus Three87
A Final Note95
Appendix AModel of Reciprocal Currency Agreements of the US Federal Reserve System97
References99
Index109
Tables
Table 3.1Bilateral swap agreements under the Chiang Mai Initiative20
Table 3.2Swap arrangements under the Chiang Mai Initiative, Northeast Asia to ASEAN23
Table 3.3Swap arrangements under the Chiang Mai Initiative within Northeast Asia24
Table 5.1Reciprocal currency arrangements of the United States51
Table 5.2Foreign exchange market intervention in the European Monetary System56
Table 5.3EU balance of payments loans58
Table 5.4Comparison of swap arrangements and facilities62
Table 6.1Comparison of IMF quotas and basic indicators of the United States and regions73
Figures
Figure 2.1East Asian foreign exchange reserves7
Figure 4.1Exchange rates of East Asian currencies35
Boxes
Box 3.1What is a "currency swap"?16
Box 7.1Principles of regionalism for the International Monetary Fund79

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