ABSTRACT
Proposals for regional cooperation on money and finance took on a new level of prominence as a result of the Asian financial crisis that began in 1997. While national and global institutions for managing finance were also the subject of critical scrutiny, many ideas for reform were centred on the regional level. The crisis made it very clear that Asia lacked effective mechanisms for crisis prevention and management. However, the significance of this cooperative deficit is not obvious. Would financial and monetary cooperation on an intra-Asian basis benefit participating countries? Is such cooperation politically feasible? This paper examines both questions.
