By Ulrich Volz
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Extra resources for Prospects for Monetary Cooperation and Integration in East Asia
Sample text
The ultimate objective is a world in which exchange rates, while free to vary, are in fact highly stable. Instability of exchange rates is a symptom of instability in the underlying economic structure. Elimination of this symptom by administrative freezing of exchange rates cures none of the underlying difficulties and only makes adjustment to them more painful. (Friedman 1953: 158) Friedman maintained that a system of flexible exchange rates would eliminate the necessity for far-reaching international coordination.
Originally ASEAN’s focus was more on regional peace and stability than on economic cooperation. 3 Efforts at cooperation, however, were limited to the real sector. The recognition that cooperation in the real and financial sectors need to be extended in tandem had not reached ASEAN yet. 4 Despite an economic cooperation agenda and plentiful declarations for fostering trade and investment, APEC’s progress has been rather disappointing. And, just like ASEAN, APEC all but ignored financial and monetary cooperation prior to the Asian crisis 22 Chapter 3 (Plummer and Click 2009).
Instead, Radelet and Sachs stress the role of financial panic among the international investment community which turned the Thai banking crisis into a full-fledged twin crisis that spread around the whole region. The panic was fueled by policy mistakes of East Asian governments and poorly designed international rescue programs. It was particularly the role of regional financial contagion and the disappointment with the international community’s inadequate policy response to the crisis that prompted East Asia’s interest in regional monetary and financial cooperation and integration.