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Asian Financial Cooperation in the 1990s: The Politics of Membership

Published online by Cambridge University Press:  26 January 2016

Shintaro Hamanaka
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Abstract

A commonplace view holds that the trend toward Asian financial regionalism is a relatively new phenomenon, developing in response to the 1997–1998 Asian financial crisis in particular. In this article I challenge this view by analyzing financial regionalist projects before the crisis. Asian countries, especially Japan, sought to establish an Asia-only financial cooperation framework throughout the 1990s. The policy stance of the United States, in contrast, was to participate in Asian forums and/or by itself propose and establish regional groupings that included the United States. This competition between Japan and the United States is a key factor in understanding the rise and fall of various regionalist projects and also has theoretical implications for membership politics in regional financial cooperation frameworks.

Keywords

membershipregionalismregionalism cycleAsian Monetary Fund (AMF)Chiang Mai Initiative (CMI)Executives' Meeting of East Asia–Pacific Central Banks (EMEAP)ASEAN+3
Type
Articles
Information
Journal of East Asian Studies , Volume 11 , Issue 1 , April 2011 , pp. 75 - 103
Copyright
Copyright © East Asia Institute 

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