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Distribution, Domestic Politics and Monetary Cooperation in East Asia

Distribution, Domestic Politics and Monetary Cooperation in East Asia

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Since the financial crises of 1997, East Asia has made modest but nonetheless significant steps towards greater regional integration and cooperation in the areas of finance and trade, accompanied by progress on institution-building at the regional level. Monetary cooperation, however, has not proceeded to anything like even the modest levels registered for other functional areas of cooperation. This paper investigates this discrepancy. It asks whether monetary cooperation is simply an unattractive proposition because it promises fewer net gains than cooperation on other issues, or whether there are other explanations for the absence of monetary cooperation in the region.

Download this working paper: http://www.adbi.org/working-paper/2011/12/09/4828.domestic.politics.monetary.cooperation.east.asia/
Since the financial crises of 1997, East Asia has made modest but nonetheless significant steps towards greater regional integration and cooperation in the areas of finance and trade, accompanied by progress on institution-building at the regional level. Monetary cooperation, however, has not proceeded to anything like even the modest levels registered for other functional areas of cooperation. This paper investigates this discrepancy. It asks whether monetary cooperation is simply an unattractive proposition because it promises fewer net gains than cooperation on other issues, or whether there are other explanations for the absence of monetary cooperation in the region.

Download this working paper: http://www.adbi.org/working-paper/2011/12/09/4828.domestic.politics.monetary.cooperation.east.asia/

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Published by: Asian Development Bank Institute on Dec 09, 2011
Copyright:Traditional Copyright: All rights reserved

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12/09/2011

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