EconStor >
Asian Development Bank Institute (ADBI), Tokyo >
ADB Institute Discussion Papers, Asian Development Bank Institute >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/53489
  
Title:Evolving ASEAN+3 ERPD: Towards peer reviews or due diligence? PDF Logo
Authors:Kawai, Masahiro
Houser, Cindy
Issue Date:2007
Series/Report no.:ADB Institute Discussion Papers 79
Abstract:The ASEAN+3 finance ministers' group has developed its economic review and policy dialogue (ERPD) process as part of regional financial cooperation efforts. Recently the group has decided to integrate the ERPD process with the regional liquidity support facility, called the Chiang Mai Initiative (CMI), and has taken steps to transform CMI into a multilateral arrangement that is more independent of International Monetary Fund (IMF) programs. This requires a significant strengthening of the effectiveness of ERPD. The issue is how to achieve it-whether to adopt an OECD-type 'peer review and peer pressure' approach or an IMF-type 'due diligence' approach. The paper argues that ERPD needs to evolve to embrace both approaches by taking appropriate balances between the two.
JEL:F33
F53
F55
O19
Document Type:Working Paper
Appears in Collections:ADB Institute Discussion Papers, Asian Development Bank Institute

Files in This Item:
File Description SizeFormat
547236220.pdf248.03 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/53489

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.