This paper argues that renminbi (RMB) internationalization and China's strategic interests in ASEAN will combine to deepen economic integration and pave the way for creating a de facto RMB bloc consisting of the 10 ASEAN countries, China, Hong Kong, and Taiwan—a grouping we call ASEAN+New3....

As was the case in the Mexican crisis of 1994-95, the G-7 and international financial institutions appear to have lost their zeal to garner the support they need for reform. The ongoing debate on the future direction of international financial reform suggests that most of the problems are likely...

Countries in East Asia (EA) have made a great deal of progress in integrating their economies since the early 1990s. There has been a sustained increase in intra-regional trade in EA. On finance, however, regional financial integration has been lagging behind trade integration and EA has reached...

The 1997 Asian financial crisis has helped to further regional financial and monetary cooperation. The purpose of this paper is to examine these efforts, their recent developments, and to predict the prospects of such cooperation. In order to deepen financial and monetary integration, the region...

Creating regional bond markets in East Asia has emerged as an important policy topic in discussions of how to promote regional monetary and financial cooperation to prevent future crises in the region. We evaluate the rationale and the strategies and propose a road map for developing regional...