Abstract
Since the Asian financial crisis of 1997, East Asia has been exploring the possibilities for enhanced monetary cooperation. The experience of the weaknesses of existing regional institutional economic arrangements encouraged scholars and policy-makers alike to examine the potential for regional — as opposed to national or global — mechanisms for the stabilization of financial markets. In 2005 both progress and stumbling blocs can be identified. Whereas cooperation progresses on the level of central banks, the prospects for comprehensive integration in East Asia appear to be not very bright. The conflict between Japan on the one side and China as well as South Korea on the other seems to have hollowed out the modest progress of the recent past. Nevertheless, monetary regionalism continues to be plausible, but probably not in the medium term. One of the questions to be considered today is whether integration in East Asia without the participation of Japan could be developing.
A previous version of this article was published as ‘Exploring Alternative Theories of Economic Regionalism: From Trade to Finance in Asian Cooperation’ (together with Richard Higgott) in Review of International Political Economy, Vol. 10, No. 3 (2003): 434–54; see the journals website http://www.tandf.co.uk.journals.
The article was prepared during a visiting fellowship at Sydney University in 2005. The support from the German Research Council is greatly acknowledged.
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Dieter, H. (2006). The Advancement of Monetary Regionalism in East Asia. In: Fritz, B., Metzger, M. (eds) New Issues in Regional Monetary Coordination. Palgrave Macmillan, London. https://doi.org/10.1057/9780230502444_10
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