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

본 연구보고서는 1997년 동아시아 금융위기 이후 유사한 위기재발을 방지하고 위기에 따른 비용절감을 위한 지역금융협력체의 설립에 관련하여 상호 감시체제의 구축을 위한 방안을 제시하고 있다. 즉 본 보고서는 기존의 지역차원의 유사한 체제를 비판적으로 검토하고 향후 ASEAN+3 치앙마이구상(CMI)의 후속 작업으로 추진될 것으로 기대되는 지역정책대화를 통한 상호감시체제의 강화에 초점을 맞추고 있다. (생략)

Acknowledgements
Notes on the Contributors
Abbreviations
Introduction

I. Financial and Macroeconomic Reform in China
1. The Chinese Reform Agenda - Gang Fan and Xiaojing Zhang
2. Comment on Gang Fan and Xiaojing Zhang - Keun Lee
3. Challenges in Macroeconomic Management for China s New Leaders
- Wing Thye Woo
4 Comment on Wing Thye Woo - Chang Kyu Lee
5 Floor Discussion of Financial and Macroeconomic Reform in China

II. China s Role in the Region and in the Global Financial System
6. Chiang Mai and Beyond - Yung Chul Park and Yunjong Wang
7. Comment on Yung Chul Park and Yunjong Wang - Charles Adams
8. Global Capital Flows and the Position of China:
Structural and Institutional Factors and their Implications
- Young Rok Cheong and Geng Xiao
9. Comment on Young Rok Cheong and Geng Xiao - Li-Gang Liu
10. Floor Discussion of China s Role in the Region and in the Global Financial
System

III. Asian and Other Views on the Functioning of the Global Financial System
11. An Asian View on the Global Financial System - Xie Ping
12. Neo-Financial Dualism Hypothesis and Regional Cooperation in East Asia :
Comment on Xie Ping - Zdenek Dr bek
13. The Role of the Financial Sector in Creating Growth and Stability:
Lessons for China from Emerging Market Economies? - Barbara Stallings
14. Korean and Chinese Finances: Comment on Barbara Stallings - Robert N.
McCauley
15. Floor Discussion of Asian and Other Views on the Functioning of the Global
Financial System

IV. Future Challenges for China
16. Financial Challenges in China - Xie Ping
17. A Seven-Point Policy Proposal for Sequencing China's Financial
Liberalisation - Masaru Yoshitomi
18 The Future Role of China - Choong Young Ahn

Appendix: List of Participants

중국의 지속적인 고도성장과 경제발전은 동아시아 뿐만 아니라 세계경제의 판도를 변화시키는 가장 중요한 동인이다. 이러한 관점에서 향후 지역경제 및 세계경제에서 중국의 역할은 경제 및 금융시장의 안정을 위해 긴요하다고 할 수 있다. (생략)