Toward Regional Monetary Cooperation in East Asia

초록

The financial and economic crisis in 1997-98 came as a dramatic shock to East Asian economies and offered the great fertility to institutionalize monetary and financial cooperation. This paper outlines recent developments in the regional monetary cooperation and provides possible prospects for the future. It recommends an immediate establishment of an regional surveillance mechanism to make the CMI to work effectively, suggests a gradual and stesdy efforts to develop of the CMI to a greater economic and financial integration and points out that an option to keep consistence with the IMF system actually weakens regional solidarity. It also argues that individual countries should closely coordiante their exchange rate regiome at the regional level.