Editors
– Yoon Hyung Kim and Yunjong Wang,
The Chiang Mai Initiative (CMI), agreed among ASEAN+3 countries (China, Japan and South Korea), is now widely perceived as a major step toward strengthening financial cooperation in East Asia. However, if the ASEAN+3 countries continue to explore further development beyond the CMI, they will face much tougher challenges and tasks. East Asian countries need to tell the international community clearly what they are motivated to do, how they will develop an action plan, and how they believe it fits in the existing global financial system. This book identifies major issues related to regional financial cooperation and provides comprehensive analyses, policy implications, and recommendations. It discusses obstacles and misgivings to overcome in the process of building a regional architecture. It highlights challenging tasks in order to achieve plan, and how they believe it fits in the existing global financial system
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The
Asian financial crises provided a strong impetus for East Asia to
reform and strengthen its domestic financial systems. At the same
time, a strong need has arisen fore developing a framework to support
regional financial cooperation to prevent and manage such crises
in the future.| |