de Brouwer, Gordon; Wang, Yunjong
Description
East Asia has a growing desire to strengthen its regional identity and forge effective and robust regional frameworks and institutions. This is the outcome of three main forces. One is the financial crises of 1997 and 1998, which revealed internal structural instabilities in some countries and the risk of relying too heavily on the uncertain goodwill of outsiders, notably the United States and the International Monetary Fund (IMF). Another is the internal economic and growth dynamic of East...[Show more] Asia, where intra-regional trade and investment and economic interdependence are rising. The third is the economic development and increasing openness of China, which represents an unprecedented opportunity to engage constructively and inclusively with a country that may be the world’s next economic superpower. Satisfying this desire is not an easy task. It requires change and commitment. If it is done on the cheap, the result will be insubstantial. Strong and effective financial governance is essential if strong and effective regional institutions are to be built. At this point in time, policy dialogue, surveillance and financial cooperation lie at the core of financial governance in East Asia. The three elements are separate, but they build on each other. Policy dialogue refers to the framework by which policymakers from different countries come together to discuss issues. Surveillance is one set of issues by which policymakers not only share information and views on the events and problems of the day, but also can seek collegial advice, insights and support in dealing with domestic and international policy issues. Financial cooperation relates to the mechanisms by which countries can provide financial support to each other, regionally or globally, in the event of financial crisis. Financial cooperation is effective only if it is built on a solid foundation of policy dialogue and surveillance. This volume brings together a range of expert views and assessments about the state of financial governance in East Asia and how this structure can be deepened and strengthened. We have grouped these views into four sets. The first presents some East Asian perspectives on the nature of policy dialogue and surveillance in the region. The second draws on the insights of other countries and regions in policy dialogue and surveillance. The third looks at prospects for deeper financial cooperation in East Asia. The final set outlines a range of views on unilateral, regional and multilateral approaches to crisis prevention, minimisation and resolution.
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