Jeon, Seung-Cheol

Abstract
The Asian currency crisis of 1997 awakened keen interests in regional monetary and financial cooperation in Asia. Since then, academic debates and policy dialogues have actively proceeded. However, not much achievement has been made in the real world. Not only to prevent future currency crisis, but also to cope with deepening economic integration and widening regionalism in the world, firmer regional monetary and financial cooperation is increasingly necessary in Asia. Based on a critical review of the current situation as it affects Asian countries, and previously suggested ways for Asian regional monetary and financial cooperation, it is emphasized that Japan and China’s realization of a complementary relationship and willingness to move from a competitive win-lose scenario to a cooperative win-win scenario is crucial for the successful launch of firmer Asian monetary and financial cooperation. Korea, with advanced know-how on financial restructuring obtained after the currency crisis of 1997-98, should also take more active initiatives in Asian cooperation as a regional coordinator.
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