The paper deals with the questions of why Asian monetary and financial cooperation has not proceeded rapidly even though the countries have discussed this issue for so long and how to overcome this problem. The authors identify the lack of a common vision and a roadmap for monetary integration...

Given the increaing importance of capital market development for financial stability and mulitlateral cooperation for sustained growth, a country's choice of exchange rate regime is hardly trivial. Instead of relying on a series of individually managed floats, it would be better for each country...