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East Asia's regional financial governance : Assessing Korea's centrality

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  • East Asia's regional financial governance
  • Pardo, Ramon Pacheco
  • Korea Economic Institute of America


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Title East Asia's regional financial governance
Similar Titles
Sub Title

Assessing Korea's centrality

Material Type Reports
Author(English)

Pardo, Ramon Pacheco

Publisher

Washington, DC, U.S. : Korea Economic Institute of America

Date 2017-09
Pages 9
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Administration
Holding Korea Economic Institute of America
License

Abstract

In the aftermath of the Global Financial Crisis, the multilayered international financial governance regime has been strengthened. In East Asia, this regime includes an ASEAN+3 regional layer designed to complement – rather than replace – the global layer. This regional layer has three goals: crisis prevention, crisis management and resolution, and market strengthening. The Chiang Mai Initiative Multilateralization (CMIM), ASEAN+3 Macroeconomic Research Office (AMRO), and Economic Review and Policy Dialogue (ERPD) are the key institutions in the areas of crisis prevention, management, and resolution. South Korea has become increasingly central to this regional financial governance regime over the past few years. Seoul was crucial to the setting up of CMIM, holds top management positions in AMRO, and is involved in the ERPD dialogue process. Three key reasons explain Korea’s centrality. (The rest omitted)