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The Political Economy of East Asian Financial Cooperation: The Chiang Mai Initiative

Economic Research Institute (82-2-759-4261) 2007.10.31 1459

Contents

Ⅰ. Introduction  1

Ⅱ. The political dynamics of East Asian economic cooperation  5

Ⅲ. The 1997 Asian Monetary Fund proposal   9
      1. Japan’s initiative  10
      2. The demise of the AMF proposal  12

Ⅳ. The Chiang Mai Initiative 15
1. Emerging cooperation between Japan and China  15
2. Weakening opposition from outsiders  21

Ⅴ. Conclusions  26
References  29
Appendices   35
Appendix 1. The network of BSAs in the CMI  35
Appendix 2. Chronology of CMI development  36

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