Directions of East Asian Regional Financial Cooperation<sup>*</sup>

Sussangkarn, Chalongphob; Vichyanond, Pakorn

doi:10.1162/asep.2007.5.3.25

Cited by 3 publications

(4 citation statements)

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“…The CMI is bilaterally activated with no overall coordinating body. At this stage it is more symbolic than effective, but it has the potential to provide a mechanism for policy dialogue and coordination (Sussangkarn, 2010). After much delay and negotiation, the political barriers to multilateralization of the CMI (CMIM) have now been overcome.…”

Section: Financial and Monetary Cooperationmentioning

confidence: 99%

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International and Regional Cooperation: Asia's Role and Responsibilities

Drysdale

Armstrong

2010

Asian Economic Policy Review

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Asia has emerged from the global financial crisis as an important stabilizing force and an engine of global economic growth. The establishment of the G-20 gives Asian economies the global forum that they need to both represent their interests in global governance and deliver on responsibilities concomitant with their growing weight in the global economy. The region has a host of cooperation arrangements in APEC, ASEAN+3, and EAS (East Asian Summit), all with ASEAN as the fulcrum. They are huge assets, but they need to be repositioned to relate effectively to the G-20 process and other global arrangements. They also need to comprehend the politics of the changing structure of regional power. This paper discusses the challenges that Asia faces in aligning regional and global objectives in financial, trade, and other areas of cooperation, such as climate change and foreign investment. It argues that Asia is now a critical player in the global system and has a central contribution to make in strengthening global governance and international policy outcomes. The paper sets out ways to fill gaps in regional cooperation and link the agenda for regional cooperation more effectively to Asia's new role globally. This is essential to sustain Asia's superior growth performance, correct imbalances, and support the global economic system.

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Section: Financial and Monetary Cooperationmentioning

confidence: 99%

“…A well‐functioning CMIM would make a positive contribution toward global financial architecture (Henning, 2009). This will need effective and independent surveillance and globally transparent arrangements (Henning, 2009), and more needs to be done on commitments to pool reserves (Sussangkarn, 2010).…”

Section: Financial and Monetary Cooperationmentioning

confidence: 99%

International and Regional Cooperation: Asia's Role and Responsibilities

Drysdale

Armstrong

2010

Asian Economic Policy Review

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“…For discussions of various areas of ASEAN+3 regional financial cooperation, see, for example,Sussangkarn and Vichyanond (2006) andSussangkarn (2011). For discussions on the development of bond markets (particularly local currency bond markets), seePark and Park (2004).…”

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confidence: 99%

Promoting Local Currency Usage in the Region

Sussangkarn¹

2020

Asian Economic Papers

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This paper focuses on policies to promote the greater use of regional currencies in intra-regional trade and investment. This will reduce the dominance of the U.S. dollar and lessen the region's exposure to U.S. monetary conditions and monetary policy. A key focus in this paper is on policies to help set up efficient currency exchange markets to reduce currency exchange transaction costs. This is fundamental, as high currency exchange spreads between local currencies discourage local currency usage for trade and investment. China's policy to internationalize the RMB and set up offshore direct foreign exchange markets between the RMB and other currencies is also highlighted. Other important issues include the Local Currency Settlement Framework, the Asian Bond Market Initiative, and Asian Bond Funds.

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“…5 5 For discussions of the status and directions of regional financial cooperation, see Sussangkarn and Vichyanond (2007). …”

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confidence: 99%

Ten Years After the Financial Crisis in Thailand: What Has Been Learned or Not Learned?

Sussangkarn¹,

Vichyanond²

2007

Asian Economic Policy Review

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The 1997 financial crisis provided many lessons about the weaknesses of Thailand's economic and financial system before the crisis, weaknesses that eventually led to the crisis. Since then, these lessons have led to many economic and financial reforms. This paper reviews the lessons and reforms that have been carried out. These include improvements to the data system needed for adequate macroeconomic monitoring, changes to the macroeconomic management framework and monetary policy regime, and various aspects of financial sector reforms. This paper also indicates the lessons that might not yet have been sufficiently learned and new risks to future economic stability. These include political interference in financial institutions, leading to inappropriate or excessive lending, and lack of transparency in fiscal liabilities that could mislead macroeconomic management.

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Directions of East Asian Regional Financial Cooperation^*

Cited by 3 publications

References 1 publication

International and Regional Cooperation: Asia's Role and Responsibilities

International and Regional Cooperation: Asia's Role and Responsibilities

Promoting Local Currency Usage in the Region

Ten Years After the Financial Crisis in Thailand: What Has Been Learned or Not Learned?

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Directions of East Asian Regional Financial Cooperation*

Cited by 3 publications

References 1 publication

International and Regional Cooperation: Asia's Role and Responsibilities

International and Regional Cooperation: Asia's Role and Responsibilities

Promoting Local Currency Usage in the Region

Ten Years After the Financial Crisis in Thailand: What Has Been Learned or Not Learned?

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Resources

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Directions of East Asian Regional Financial Cooperation^*