Institution Building for Macroeconomic and Financial Cooperation in East Asia

Chalongphob Sussangkarn

doi:10.5652/internationaleconomy.ie2012.03.c.s

Commemorative Symposium of the 60th Anniversary of the founding of the JSIE [New Phase of the Asian Economies-Three Years after the Financial Crisis]

Institution Building for Macroeconomic and Financial Cooperation in East Asia

Chalongphob Sussangkarn

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Keywords: East Asia Financial Cooperation, Institution Building, Chiang Mai Initiative Multilateralization

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2012 Volume 2011 Issue 15 Pages 17-30

DOI https://doi.org/10.5652/internationaleconomy.ie2012.03.c.s

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Abstract

This paper discusses institution building for macroeconomic and financial cooperation in East Asia. The issues covered include the Chiang Mai Initiative Multilateralization (CMIM); the regional safety net mechanism that evolved from regional cooperation initiatives started after the 1997 financial crisis. A number of proposals are put forward to make the liquidity support role of the CMIM more effective. Other issues covered are regional economic surveillance; the role of the ASEAN+3 Macroeconomic Research Office (AMRO), which will support CMIM; how AMRO may evolve to become the Asian Monetary Organization; and how the Finance Ministers’ process can be integrated with the Central Banks’ process to create a more effective institutional structure for the region.
JEL codes: E02, E44, F33, F36, F55

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