The goal of this study is to contribute to the efforts to construct regional financial arrangements that would reduce the occurrences of financial crisis, and lower their costs. This study will confine itself to the issues related to crisis prevention through mutual surveillance. T
his study will review and assess existing regional or sub-regional arrangements covering information exchange, surveillance systems, and institutions. In particular, in relation to the current development of the Chiang Mai Initiative (CMI), our analysis will focus on how to strengthen mutual surveillance processes through regional policy dialogue. (The rest is omitted.)

Executive Summary

I. Introduction

II. Conceptual Framework
1. The Rationale for Information Exchange and Surveillance
2. Spectrum of Regional Financial Cooperation
3. Peer Review Process
4. Mutual Liquidity Provision and Enforcement Mechanism
5. Exchange Rate Coordination and Enhanced Surveillance Process

III. Regional or Subregional Initiatives among the ASEAN+3 Countries
1. Manila Framework Group
2. ASEAN Surveillance Process and ASEAN+3 Surveillance Process
3. Chiang Mai Initiative and Enhanced ASEAN+3 Surveillance Process

IV. How to Enhance the ASEAN+3 Surveillance Process
1. Clear Specification of the Objectives
2. Construction of an Enhanced Surveillance Mechanism
3. Scope and Content of Monitoring and Surveillance
4. Conduct and Methods of Surveillance and Peer Review

V. Building Institutional Arrangements for Policy Dialogue

VI. Conclusion

References