Since the 1997 Asian financial crisis, countries in East Asia have made efforts to promote regional monetary and financial cooperation to complement the evolving international financial architecture. This increased interest in regional monetary and financial cooperation has resulted in several initiatives - the ASEAN Surveillance Process, the ASEAN+3 Finance Ministers Process including its Chiang Mai Initiative of 2000, the Manila Framework Group and the Asia-Europe Finance Ministers Process to name a few. These developments in some ways represent a significant break from the past. Going forward the key challenge is how to set priorites and sequence developments so as to smooth the path to a new regional financial architecture. This two-volume set takes up the issue of developing a road map of policy options, both at the regional and country levels, for carrying forward the ongoing efforts in monetary and financial cooperation in East Asia. Building on a series of core reports and background papers by eminent economists and policymakers around the world commissioned under an ADB technical assistance project, the books explore what is feasible and desirable in regional monetary and financial cooperation and lays out a road map for putting the concept into action over the next several years. Volume 1: contains an overview by Peter Montiel, and three core studies by Olam Chaipravat, Eric Girardin, and Takatoshi Ito and Yung-Chul Park. Volume 2: contains background papers by Robert J. Barro; Eléonore Boiscuvier and Alfred Steinherr; Barry Eichengreen; Jeffrey A. Frankel; Eric Girardin; Jong-Wha Lee; Yung-Chul Park and Kwanho Shin; Ronald McKinnon; Eiji Ogawa, Takatoshi Ito, and Yuri Nagataki Sasaki; Ramkishen Rajan and Reza Siregar; Yunjong Wang and Wing Thye Woo; and Charles Wyplosz. The volumes and the study on which they were based were conceptualized, supervised, and coordinated by Pradumna B. Rana and Srinivasa Madhur.
ROBERT J. BARRO Department of Economics, Harvard University, USA ELÉONORE BOISCUVIER Institut Univérsitaire de Luxembourg OLARN CHAIPRAVAT Fiscal Policy Research Institute, Thailand BARRY EICHENGREEN Department of Economics, University of California, Berkeley, USA JEFFREY A. FRANKEL Kennedy School of Government, Harvard University, USA ERIC GIRARDIN CEDERS, Universite de la Mediterranee, Aix-Marseille II, France TAKATOSHI ITO Research Center for Advanced Science & Technology University of Tokyo, Japan JONG-WHA LEE Department of Economics, Korea University, Republic of Korea RONALD MCKINNON Department of Economics, Stanford University, USA PETER MONTIEL Department of Economics, Williams College, USA EIJI OGAWA Graduate School of Commerce and Management, Hitotsubashi University, Japan YUNG-CHUL PARK Department of Economics, Korea University, Republic of Korea RAMKISHEN RAJAN Centre for International Economic Studies, University of Adelaide, Australia YURI N. SASAKI Department of Economics, Meiji Gakuin University, Japan KWANHO SHIN Department of Economics, Korea University, Republic of Korea REZA SIREGAR School of Economics, University of Adelaide, Australia ALFRED STEINHERR European Investment Bank, Luxembourg YUNJONG WANG Korea Insitute for International Policy, Republic of Korea WING THYE WOO Department of Economics, University of California, Davis, USA CHARLES WYPLOSZ Graduate Institute of International Studies and ICMB, Switzerland
