Monetary and Financial Cooperation in East Asia: The State of Affairs After the Global and European…

Hardcover | May 2, 2015

EditorMasahiro Kawai, Yung Chul Park, Charles Wyplosz

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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, deeper regional cooperation was seen as the way to avoid reliance on theIMF and the rest of the world. Steps were taken, but they were limited because of disagreements reflecting regional rivalries. Still, integration into the global financial system and Europe's regional process were seen as objectives to be adapted to East Asia, as detailed in an overview chapter. Thecrises have shaken this strategy but also revealed the pre-existing deep disagreements. This book presents contributions by scholars from different countries. Each one was invited to describe the vision of their policymakers. The traidtional rivalry between China and Japan, the region's largest economies, reveals Chinese confidence into its rising power and Japanese growing doubtsabout its ability to weigh on the debate. For opposite reasons, both display a declining interest into regional cooperation. Korea and the ASEAN countries do not wish to choose between the regional powers but remain attached to regional cooperation and integration. They look for pragmatic solutionsthat 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.

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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, deeper regional cooperation was seen as the way to avoid reliance on theIMF and the rest of the world. Steps were t...

Professor Kawai has served as Chief Economist of the World Bank's East Asia and Pacific Region and Dean of the Asian Development Bank Institute. He holds a PhD from Stanford University. Professor Park has served as senior economic adviser to the president of Korea. He holds a PhD from the University of Minnesota. Professor Wyplosz is ...

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Format:HardcoverDimensions:240 pages, 9.21 × 6.14 × 0.87 inPublished:May 2, 2015Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198714157

ISBN - 13:9780198714156

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Table of Contents

1. Charles Wyplosz: Introduction2. Masahiro Kawai and Yung Chul Park: Financial and Monetary Cooperation in East Asia: An Overview3. Andrew K. Rose: International Financial Integration and Crisis Intensity4. Charles Wyplosz: Lessons from the European Public Debt Crisis5. Chalongphob Sussangkarn and Worapot Manupipatpong: A View from ASEAN6. Yongding Yu: A View from the People's Republic of China7. Masahiro Kawai: A View from Japan8. Yung Chul Park and Chi-Young Song: A View from the Republic of Korea