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Distribution, Domestic Politics and Monetary Cooperation in East Asia

dc.contributor.authorNatasha Hamilton-Hart
dc.date.accessioned2015-04-10T10:17:21Z
dc.date.available2015-04-10T10:17:21Z
dc.date.issued2011-12-15
dc.identifier.urihttp://hdl.handle.net/11540/3920
dc.description.abstractSince the financial crises of 1997, East Asia has made modest but nonetheless significant steps towards greater regional integration and cooperation in the areas of finance and trade, accompanied by progress on institution-building at the regional level. Monetary cooperation, however, has not proceeded to anything like even the modest levels registered for other functional areas of cooperation. This paper investigates this discrepancy. It asks whether monetary cooperation is simply an unattractive proposition because it promises fewer net gains than cooperation on other issues, or whether there are other explanations for the absence of monetary cooperation in the region. Based on a review of estimates of the aggregate economic gains and losses arising from monetary cooperation, the paper argues that there is a prima facie puzzle to be explained: monetary cooperation does hold out the prospect of real gains and, although these gains are not cost-free, neither is the status quo. The paper then turns to the domestic level of the major East Asian countries, in order to assess the relative strength of the domestic economic interests that are likely to be either advocates or opponents of monetary cooperation. It shows that domestic distributional politics—the processes by which gains and losses within countries are distributed—are a plausible reason for the low priority placed on regional monetary cooperation to date. International-level political concerns and the potential supply of institutional solutions to collective action problems are additional reasons for the lack of monetary cooperation, but the domestic demand for such cooperation is analytically prior to these more conventional explanations for the lack of cooperation in East Asia.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleDistribution, Domestic Politics and Monetary Cooperation in East Asia
dc.typeWorking Papers
dc.subject.expertComprehensive Development Framework
dc.subject.expertDevelopment Challenges
dc.subject.expertDevelopment Planning
dc.subject.expertMillennium Development Goals
dc.subject.expertPolicy Development
dc.subject.expertProgram Evaluation
dc.subject.expertPerformance Evaluation
dc.subject.expertEvaluation Criteria
dc.subject.expertCapital Market Development
dc.subject.expertDevelopment Economics
dc.subject.expertFinancial Sector Development
dc.subject.expertTechnology Development
dc.subject.expertWorld Development Indicators
dc.subject.expertEvaluation Methods
dc.subject.adbDevelopment assistance
dc.subject.adbADB
dc.subject.adbCurriculum development
dc.subject.adbDevelopment assistance
dc.subject.adbDevelopment aid
dc.subject.adbDevelopment indicators
dc.subject.adbDevelopment potential
dc.subject.adbDevelopment models
dc.subject.adbProject appraisal
dc.subject.adbPerformance appraisal
dc.subject.adbEconomic development
dc.subject.adbEconomic indicators
dc.subject.adbGovernment programs
dc.subject.adbEconomic growth
dc.subject.adbEconomic policy
dc.subject.adbIndustrial development
dc.subject.adbIndustrial policy
dc.subject.adbTechnology assessment
dc.subject.adbEconomic evaluation
dc.subject.adbEconomic forecast
dc.subject.adbInput output analysis
dc.subject.naturalCommunication in rural development
dc.subject.naturalCommunication in community development
dc.subject.naturalInfrastructure
dc.subject.naturalCentral planning
dc.subject.naturalEndowment of research
dc.subject.naturalPartnership
dc.subject.naturalJoint venture
dc.subject.naturalNation-building
dc.subject.naturalRisk assessment
dc.subject.naturalEconomic development projects
dc.subject.naturalEconomic forecasting
dc.subject.naturalIndustrial research
dc.subject.naturalParticipatory monitoring and evaluation
dc.subject.naturalEconomic policy
dc.subject.naturalEconomic forecasting
dc.title.seriesADBI Working Paper Series
dc.title.volume332
dc.contributor.imprintAsian Development Bank
oar.themeDevelopment
oar.themeEvaluation
oar.adminregionEast Asia Region
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-004055
oar.authorHamilton-Hart, Natasha
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • ADBI Working Papers
    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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