Introduction: Key Issues
Ten years have passed since the Asian financial crisis that
devastated not only the currency values and the financial
systems of Indonesia, the Republic of Korea, Malaysia, and
Thailand, but also their overall economic activity, social
conditions and, in some countries, political systems. Since the
crisis, these economies have restored financial resilience through
(i) financial sector restructuring and reforms aided by corporate
debt resolution and the introduction of more effective insolvency
procedures, (ii) reductions of short term external debt and
accumulation of foreign exchange reserves, and (iii) adoption of
greater flexibility of exchange rates among the crisis-affected
economies.
The financial crisis and contagion revealed how closely financial
systems and economic conditions were inter-connected across
East Asia. Reflecting this, East Asian governments and central
banks have embarked on several new initiatives for regional
financial cooperation.1 This paper explores the background and
progress of recent financial cooperation initiatives in the region,
the new opportunities provided, and possible evolution of a new
regional financial architecture.
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The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
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