East Asian Financial Integration: A Road Ahead
MULTILATERALISM AND REGIONALISM IN GLOBAL ECONOMIC GOVERNANCE: TRADE, INVESTMENT AND FINANCE, Chapter 5, Junji Nakagawa, ed., London: Routledge, 2011
21 Pages Posted: 24 Dec 2011 Last revised: 7 Feb 2012
Date Written: November 8, 2011
ASEAN plus China, Japan and Korea have agreed to expand dramatically the scale of the Chiang Mai Initiative of bilateral swap arrangements and develop a more broadly focused institution. This could be a substantial step on the journey towards an Asian Monetary Fund (‘AMF’). This paper examines what a fully fledged AMF would offer the region. The national economic policies of East Asian nations have differed substantially from those of the Washington Consensus, and been more effective. An AMF would offer the chance to promote economic policies in Asia that give a larger role to national government, equity investment and domestic demand, and a smaller role to foreign debt financing and export revenues, than do those of the Washington Consensus.
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