This paper study The Chiang Mai Initiative Multilateralisation (CMIM) in order to understand the internalization of political culture of ASEAN. In contrary to Realist and Liberalist theories that see cooperation at the minimum as non-existent and at the maximum as purely instrumental in the...

Since the Asian financial crisis of 1997-98, the East Asian countries have made efforts to guard against the crisis not only by being self-insured through the accumulation of foreign reserves but also by establishing a bilateral or regional financial safety net through the pooling of reserves....

This paper examines the ASEAN 3 cooperation of regional financial safety nets, and reviews the regional monetary issues of a single currency and currency competition in East Asia. We point out potential systemic risks in East Asia and the importance of regional surveillance. ASEAN 3 regional...

Increasing capital inflows and sustained interest rate spreads were important features in East Asia prior to the crisis of 1997-98. But why did capital inflows fail to eliminate interest rate differentials? Why were inflows associated with rising domestic interest rates that then perpetuated the...

Since the 1980s, emerging countries have been urged to welcome foreign capital inflows. The result has often been a pattern of surges, where excessive inflows were followed by damaging 'sudden stops' and reversals. What is needed is a strategy that makes use of the potential benefits of capital...

The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...