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Proceedings Regional Financial Arrangements in East Asia 경제통합

저자 김윤형, 왕윤종 편 발간번호 01-01 자료언어 English 발간일 2001.08.15

원문보기(다운로드:1,098) 저자별 보고서 주제별 보고서

1997년 아시아 금융위기가 발발하기 전까지만 해도 동아시아 지역에서 어떤 형태이던 지역금융협력체가 태동할 것으로 생각하거나 주장하였던 연구는 거의 찾아 볼 수 없다. 심지어 역내의 무역블록 필요성에 대해서도 회의적인 입장이 지배적이었다. 그러나 아시아 금융위기는 역내 금융협력 필요성을 일깨어 준 계기로 작용하였고, 지역금융협력의 필요성을 둘러싸고 치열한 논쟁이 있어 왔다. 일본을 중심으로 아시아 통화기금의 창설 필요성이 제기되었고, 다른 한편으로 국제통화기금과 서방국가들은 국제금융기구의 중복성과 도덕적 해이를 문제삼아 지역금융협력체의 창설에 강력하게 반대하였다. (생략)
The Asian financial crises provided a strong impetus for East Asia to reform and strengthenits domestic financial systems. At the same time, a strong need has arisen for developinga framework to support regional financial cooperation to prevent and manage such crises inthe future. (The rest is omitted.)
List of Figures
List of Tables
Contributors
Preface
Introduction
Yoon Hyung Kim and Yunjong Wang

Part I. Financial Systems in East Asia: Challenges and Opportunities

1. East Asian Financial Markets:
Current Status and Future Development
Gordon J. de Brouwer
Introduction
Capital Flows before, during, and after the Crisis
Policy Issues
Conclusion

2. The Japanese Yen as an International Currency
Eiji Ogawa
Introduction
Current Status of the Japanese Yen as an International Currency
The Need to Internationalize the Japanese Yen:
International Perspectives
Inertia of the Key Currency
A Gulliver Type of International Monetary System
Measures to Enhance an International Role of the Japanese Yen
Conclusion
Appendix: Network Externalities and an International Currency

3. Development of Asian Bond Markets
Yoon-Shik Park
Introduction
Recent Debt Market Developments in Asia
Prices and Risks
Market Infrastructure
Bond Yield Benchmarks
Tax and Other Regulatory Issues
Progress in Asian Bond Markets and Remaining Challenges
Conclusion
Comments
Morris Goldstein
Mario B. Lamberte

Part II. New International Financial Architecture:
Its Regional Implications

4. Strengthening the International Financial Architecture:
Where Do We Stand?
Morris Goldstein
Introduction
Interest Rates and Maturity of IMF Loans
Size of Fund Loans
IMF Policy Conditionality
Ex Post Policy Conditionality versus Ex Ante Conditionality
Scope of Conditionality
Currency Regime and Burden-Sharing Aspects of Fund
Conditionality
Implementation of International Financial Standards
Concluding Remarks
Postscript

5. Reforming the International Financial Architecture:
The East Asian View
Mario B. Lamberte
Introduction
Recent Performance and Prospects of East Asian Economies
The Major Issues Being Debated
Governance Structure for Reforming the International
Architecture
Capital Account Liberalization and Capital Controls
Exchange Rate Regime
International Standards
Capital Adequacy Requirements
Highly Leveraged Institutions (HLIs) and Credit Rating
Agencies
Private Sector Involvement
The Bretton Woods Institutions
Regional Financial Arrangement
General Assessment
Governance Structure
Substance of the Reform Agenda
Regional Financial Arrangement
Annex A: G-22 Reports on the International Financial Architecture
Enhancing Transparency and Accountability
Strengthening Financial Systems
Managing International Financial Crises
Annex B: Objectives and Membership of the Financial
Stability Forum (FSF)
Annex C: Tasks of the Working Groups of the Financial
Stability Forum
Annex D: Key Principles for Reform of the IMF

6. Appropriate Exchange Rate Regimes in Developing Countries:
The Case of Korea
Chae-Shick Chung and Doo Yong Yang
Introduction
Choice of Exchange Rate Regime in Developing Countries
Brief History of International Exchange Rate System
Issues on Choice of Exchange Rate Arrangement
Lessons and Issues from Recent Currency Crises
Recent Financial Market Developments in Korea
Methodology
Data Description
Empirical Results
Conclusion
Comments
Djisman S. Simanjuntak
Eiji Ogawa
Il SaKong

Part III. Regional Financial Arrangements: Issues and Prospects

7. Do We Need a Regional Lender of Last Resort?
Pakorn Vichyanond
Introduction
Why International Lender of Last Resort?
IMF Stories
Regional Lender of Last Resort
Complements, Cautions, and Supplements
Conclusion

8. A Proposal for Asian Arrangements to Borrow
Tae-Joon Kim, Jai-Won Ryou, and Yunjong Wang
Introduction
Review of Multilateral Arrangements to Borrow
The General Arrangements to Borrow (GAB)
The New Arrangements to Borrow (NAB)
Credit Arrangements of the European Community
ASEAN Swap Arrangement
Major Issues for Asian Financial Arrangements
Rationale for Asian Financial Arrangements
Institutional Considerations for Asian Financial Arrangements
Moral Hazard
Credibility and Sustainability
Architecture for the Asian Arrangements to Borrow
Basic Characteristics of the Asian Arrangements to Borrow
Ceilings to Borrowing and Credit Arrangements
Terms and Conditions for Lending and Borrowing
Other Operational Modalities
Agenda for the Asian Arrangements to Borrow
Feasibility
Anticipated Benefits
Action Plan
Conclusion

9. China and Asian Monetary Cooperation
Yongding Yu
Introduction
China's Economic Growth and Its External Environment
China's Economic Performance before the Asian Financial Crisis
The Impact of the Asian Financial Crisis on the Chinese
Economy
Macroeconomic Management in China during and after the
Asian Financial Crisis
Channels of the Contagion Effect on the Chinese Economy
China's Policy Responses toward the Asian Financial Crisis
Asian Monetary Fund and Asian Monetary Cooperation
The Prospect for Asian Monetary Cooperation
Trade Policy
Macroeconomic Policy
Exchange Rate Policy
Crisis Prevention, Crisis Management, and Assistance
to Facilitate Adjustment

10. Financial Cooperation and Coordination in East Asia:
An ASEAN Perspective
Khee Giap Tan and Kang Chen
Introduction
Inertia and Difficulties with the Existing RFAs within ASEAN + 3
RFAs: A Taxonomy on Their Geopolitical Implications and
Global Economic Reality
Geopolitical Implications
Regional Economic Reality
Shaping, Fine-Tuning, and Unifying RFAs
Concluding Remarks
Comments
Anne O. Krueger
D. W. Nam

Part IV. Major Findings and Policy Implications
Comments
Morris Goldstein
Kyung Tae Lee

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