Financial dimension in Asian cooperation
Financial dimension in Asian cooperation

Summary/Abstract: Article covers financial and monetary cooperation, showing their roots and stages, on a wider background of world economy and developments in the structure of the world’s financial system. It also becomes clear that Asian states were pushed into closer cooperation by two crises of 1997 and 2008+. The financial cooperation includes tools which help states to stabilize their currency exchange rates. Current system, the Chiang Mai Initiative, embraces three pillars: liquidity assistance; monitoring and surveillance; exchange rate & financial policy cooperation. Since launching, the system went through a process of widening, which means growing number of states participating in it; and deepening, which means expansion of the scale and scope of cooperation. The cooperation started with easing financial liquidity, in advanced phases it built confidence and trust. This has laid foundation for systemic, legal, institutional convergence, paving way to further integration (internal market in 2020).

• Details
• Contents