Regional Cooperation for Policy Coordination
Asia's policymakers all emphasize the need to stimulate
domestic demand and, to further this aim, the need to improve
the effectiveness of regional policy coordination for crisis
management. To this end, Asian countries must avoid the
collective action trap. Unless all countries in the region join in a
simultaneous expansion of domestic demand, the expansionary
policies of some individual countries will not add substantially to
regional aggregate demand. For more than ten years since the
1997–1998 Asian financial crisis, the member states of ASEAN+33 have discussed the establishment of a modality of
and institutions for mutual assistance and policy coordination at
the regional level. They have yet to make significant progress in
creating a workable scheme for policy coordination because of
the failure of the PRC and Japan to provide leadership for
regional cooperation.
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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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