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International Monetary Fund

Abstract

Asia-11 comprises ASEAN-5, Taiwan Province of China, Korea, Hong Kong SAR, China, India, and Japan.

Tharman Shanmugaratnam

Abstract

This paper examines the possibility of Asian monetary integration. The paper highlights that the objectives and motivations behind the continuing debate for Asian monetary integration have now evolved. The objectives are no longer defensive, no longer preoccupied with crisis prevention or resolution. They are now more forward looking; they are about growth, about greater trade integration, about spurring greater cross-border flows of investment within Asia, and about promoting the integration and deepening of financial markets.

Tharman Shanmugaratnam

Abstract

Mr. Crockett, Mr. Van Houtven, Mr. Wee Ee Cheong, distinguished guests and friends—and I do see many friends in the audience—first of all, let me say that it is my privilege to be giving this lecture. I come after a long line of much more distinguished speakers, and I really feel honored that Andrew and others invited me to deliver this talk today.

T S

Abstract

Mr. Crockett, Mr. Van Houtven, Mr. Wee Ee Cheong, distinguished guests and friends—and I do see many friends in the audience—first of all, let me say that it is my privilege to be giving this lecture. I come after a long line of much more distinguished speakers, and I really feel honored that Andrew and others invited me to deliver this talk today.

A C

Abstract

Delegates, honored guests, ladies and gentlemen, it is my pleasure, on behalf of the Per Jacobsson Foundation, to welcome you to this Per Jacobsson Foundation Lecture. Over the past 40 years or so, this lecture has become a fixture of the Annual Meetings of the International Monetary Fund and the World Bank, and we have been privileged to have a very distinguished range of speakers. Per Jacobsson, as many of you know, was the third Managing Director of the IMF and, prior to that, the Chief Economist of the BIS. He was a very distinguished member of a long line of distinguished Managing Directors.

Mr. Andrew Crockett

Abstract

Delegates, honored guests, ladies and gentlemen, it is my pleasure, on behalf of the Per Jacobsson Foundation, to welcome you to this Per Jacobsson Foundation Lecture. Over the past 40 years or so, this lecture has become a fixture of the Annual Meetings of the International Monetary Fund and the World Bank, and we have been privileged to have a very distinguished range of speakers. Per Jacobsson, as many of you know, was the third Managing Director of the IMF and, prior to that, the Chief Economist of the BIS. He was a very distinguished member of a long line of distinguished Managing Directors.

International Monetary Fund

Abstract

It is a great honor and a great pleasure for the Per Jacobsson Foundation today to have the participation of Larry Summers. He doesn’t need any introduction because you all know him, and therefore what I’m going to say is going to seem banal and superfluous.

International Monetary Fund

Abstract

This paper discusses the need for Asian Monetary Integration. The original motivation for proposals for Asian monetary Integration had to do with a desire to reduce Asia’s susceptibility to shocks, particularly financial shocks. There was also a broader sense that Asia had to be more self-reliant and gain fuller control over its destiny. The objectives are about growth, about greater trade integration, about spurring greater cross-border flows of investment within Asia, and about promoting the integration and deepening of financial markets. This paper highlights that financial market integration has lagged substantially behind trade integration, and this is why Asian saving surpluses are intermediated largely through financial markets outside Asia.