IDEAS home Printed from https://ideas.repec.org/a/fip/fedfpr/00025.html
   My bibliography  Save this article

Asian regional policy coordination

Author

Listed:
  • Edwin M. Truman

Abstract

This paper addresses two central questions for Asia and the world: (1) What is the purpose of Asian regional policy coordination going forward? (2) Will Asian regional policy coordination substitute or complement global policy coordination? The paper examines the potential coverage and content of such policy coordination, what is meant by Asia in this context, and how Asia fits in with global policy coordination processes. I address three related aspects of Asian regional policy coordination: macroeconomic policies, reserve management, and crisis management. I conclude that while the countries in the Asian region have not completely exploited the scope for regional policy coordination, more ambitious efforts focused on close integration are not likely to bear fruit, in particular, if they are conceived and promoted under the banner of Asian exceptionalism. These conclusions are based on two main considerations: First, Asian economies differ, and will continue to differ, sufficiently in size and stage of development such that it is difficult to conceive of a successful voluntary blending of their interests. Second, the central lesson of the global financial crisis and its current European coda is that global economic and financial integration has advanced sufficiently that countries can run but they cannot hide individually or in sub-global groups of countries.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Edwin M. Truman, 2011. "Asian regional policy coordination," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 247-292.
    • Handle: RePEc:fip:fedfpr:00025
    as

    Download full text from publisher

    File URL: https://www.frbsf.org/wp-content/uploads/Truman.pdf
    File Function: Full Text
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Sussangkarn, Chalongphob, 2010. "The Chiang Mai Initiative Multilateralization: Origin, Development and Outlook," ADBI Working Papers 230, Asian Development Bank Institute.
    2. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "An evaluation of IMF surveillance of the euro area," Blueprints, Bruegel, number 629, June.
    3. Edwin M. Truman, 2010. "The G-20 and International Financial Institution Governance," Working Paper Series WP10-13, Peterson Institute for International Economics.
    4. Mr. Olaf Unteroberdoerster & Ms. Runchana Pongsaparn, 2011. "Financial Integration and Rebalancing in Asia," IMF Working Papers 2011/243, International Monetary Fund.
    5. Tamim Bayoumi & Barry Eichengreen, 1992. "Shocking Aspects of European Monetary Unification," NBER Working Papers 3949, National Bureau of Economic Research, Inc.
    6. Mr. Shengzu Wang & Chris Marsh & Rishi Goyal & Narayanan Raman & Mrs. Swarnali A Hannan, 2011. "Financial Deepening and International Monetary Stability," IMF Staff Discussion Notes 2011/016, International Monetary Fund.
    7. Shengzu Wang & Chris Marsh & Rishi Goyal & Narayanan Raman & Swarnali A Hannan, 2011. "Financial Deepening and International Monetary Stability," IMF Staff Discussion Notes 11/16, International Monetary Fund.
    8. C. Fred Bergsten, 1997. "Open Regionalism," The World Economy, Wiley Blackwell, vol. 20(5), pages 545-565, August.
    9. Chalongphob Sussangkarn, 2010. "The Chiang Mai Initiative Multilateralization : Origin, Development and Outlook," Governance Working Papers 22821, East Asian Bureau of Economic Research.
    10. McKay Julie & Volz Ulrich & Wölfinger Regine, 2011. "Regional Financing Arrangements and the Stability of the International Monetary System," Journal of Globalization and Development, De Gruyter, vol. 2(1), pages 1-33, August.
    11. Edwin M. Truman, 2010. "Strengthening IMF Surveillance: A Comprehensive Proposal," Policy Briefs PB10-29, Peterson Institute for International Economics.
    12. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
    13. International Monetary Fund, 2011. "Colombia: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Colombia," IMF Staff Country Reports 2011/224, International Monetary Fund.
    14. Masahiro Kawai, 2010. "Reform Of The International Financial Architecture: An Asian Perspective," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 55(01), pages 207-242.
    15. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tan, Madeleine Sui-Lay, 2016. "Policy coordination among the ASEAN-5: A global VAR analysis," Journal of Asian Economics, Elsevier, vol. 44(C), pages 20-40.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    2. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
    3. Ulrich Volz, 2013. "Lessons of the European crisis for regional monetary and financial integration in East Asia," Asia Europe Journal, Springer, vol. 11(4), pages 355-376, December.
    4. Titelman Kardonsky, Daniel & Vera, Cecilia & Carvallo, Pablo & Pérez Caldentey, Esteban, 2014. "A regional reserve fund for Latin America," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    5. Hong Bum Jang, 2011. "Financial Integration and Cooperation in East Asia: Assessment of Recent Developments and Their Implications," IMES Discussion Paper Series 11-E-05, Institute for Monetary and Economic Studies, Bank of Japan.
    6. Cheng, Gong & Lennkh, Rudolf Alvise, 2018. "RFAs' Financial Structures and Lending Capacities: a Statutory, Accounting and Credit Rating Perspective," MPRA Paper 95754, University Library of Munich, Germany.
    7. Ulrich volz, 2012. "Strengthening Cooperation between Regional Financing," Papers and Proceedings 11855, Fondo Latino Americano de Reservas - FLAR.
    8. Ramon Pacheco Pardo, 2012. "Leadership, decision-making and governance in the EU and East Asia: crisis and post-crisis," Asia Europe Journal, Springer, vol. 9(2), pages 77-90, March.
    9. Cheng, Gong, 2015. "The Global Financial Safety Net through the Prism of G20 Summits," MPRA Paper 68070, University Library of Munich, Germany, revised Nov 2015.
    10. Masahiro Kawai & Peter J. Morgan, 2014. "Regional financial regulation in Asia," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 6, pages 112-147, Edward Elgar Publishing.
    11. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries- an early assessment," Blueprints, Bruegel, number 779, June.
    12. Hal Hill & Jayant Menon, 2014. "Financial safety nets in Asia: genesis, evolution, adequacy and way forward," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 5, pages 83-111, Edward Elgar Publishing.
    13. Catherine Figuière & Laëtitia Guilhot & Cyriac Guillaumin, 2013. "La question du régime de change en Asie de l'Est : Vers un bloc monétaire régional ?," Revue d'économie politique, Dalloz, vol. 123(2), pages 265-298.
    14. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.
    15. Julie Gilson, 2012. "Regional leadership—Japanese style: Japan through the crisis," Asia Europe Journal, Springer, vol. 9(2), pages 211-223, March.
    16. Edwin M. Truman, 2013. "Asian and European Financial Crises Compared," Working Paper Series WP13-9, Peterson Institute for International Economics.
    17. Ajai Chopra, 2015. "Financing Productivity- and Innovation-Led Growth in Developing Asia: International Lessons and Policy Issues," Working Paper Series WP15-6, Peterson Institute for International Economics.
    18. Peter J. Morgan, 2020. "A Framework for Regional Banking Regulation in ASEAN," Asian Economic Papers, MIT Press, vol. 19(3), pages 111-125, Fall.
    19. Eduardo Fernández-Arias & Eduardo Levy-Yeyati, 2012. "Global Financial Safety Nets: Where Do We Go from Here?," International Finance, Wiley Blackwell, vol. 15(1), pages 37-68, April.
    20. Ilene Grabel, 2010. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241, Political Economy Research Institute, University of Massachusetts at Amherst.

    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedfpr:00025. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Federal Reserve Bank of San Francisco Research Library (email available below). General contact details of provider: https://edirc.repec.org/data/frbsfus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.