A Regional Approach to Financial Crisis Prevention
Lessons from Europe and Initiatives in Asia, Latin America and Africa

Edited by Jan Joost Teunissen

Contents

Acknowledgements 7
Notes on the Contributors 8
Abbreviations 13
Introduction by Jan Joost Teunissen 15

I Lessons from European Economic Integration

“Regional Exchange Rate Arrangements: Some Lessons from Europe”
Charles Wyplosz 23
Comment by William White 50
Comment by Zdenˇek Drábek 54
Comment by Brian Kahn 61
Floor Discussion 65

II Managing Economic Convergence and Financial Stability in the EU Accession Countries of Central and Eastern Europe

“Managing Economic Convergence and Financial Stability
in the Czech Republic”
Oldrˇich De˘dek 71
“Financial Stability, Monetary Policy and Integration:
Policy Choices for Transition Economies”
János Vincze 88
Comment by Stephany Griffith-Jones 107
Floor Discussion 112

III Regional Economic Integration in East Asia and South America

“Beyond the Chiang Mai Initiative: Rationale and Need for a Regional Monetary Arrangement in East Asia”
Yung Chul Park 121
Comment by Leslie Lipschitz 148
“Regional Interdependencies and Macroeconomic Crises in Mercosur”
Daniel Heymann 153
Comment by Amar Bhattacharya 171
Floor Discussion 177

IV The Role of Regional and Global Institutions in Crisis Prevention and Management

“The Role of Regional Institutions”
José Antonio Ocampo 187
“A Regional Approach to the Exchange Rate”
Heiner Flassbeck 190
“A Predictable Framework for Crisis Resolution”
Paul Jenkins 194
“The Complementary Role of Regional Groups”
Leslie Lipschitz 199
“The Role of Regional and Global Institutions”
William White 203

Appendix: List of Participants 207

 

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