Asian Financial Cooperation: The Problem of Legitimacy in Global Financial Governance

Sohn, Injoo

doi:10.1163/19426720-01104006

Cited by 32 publications

(7 citation statements)

References 10 publications

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“…For example, a Sino-Japanese rivalry shaped regional initiatives (Grimes 2009: 74). China and Japan were in favor of embedding within CMI the IMF conditionality until a formal surveillance mechanism could be established and these states convinced the others to go along with their idea (Sohn 2005;Grimes 2006). …”

Section: Power Distributionsmentioning

confidence: 99%

Co-chairing international negotiations: the case of the Chiang Mai initiative multilateralization

Pitakdumrongkit

2015

The Pacific Review

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This paper studies the roles of co-chairs in international negotiations. This study attempts to fill the research gap by scrutinizing co-chairs' effectiveness, defined as an ability to shape agreement details in one's direction, to better understand chairs' and co-chairs' influence in negotiations. I argue that a co-chair's effectiveness is not a function of resource possession, but is rooted in its resource management, or ability to convert the existing resources into bargaining influence. To validate my argument, I analyze the Chiang Mai Initiative Multilateralization (CMIM) negotiation rounds from 2005 to 2010, focusing on the members' financial contributions and vote shares.

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Section: Power Distributionsmentioning

confidence: 99%

Co-chairing international negotiations: the case of the Chiang Mai initiative multilateralization

Pitakdumrongkit

2015

The Pacific Review

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“…7 Japan at the time was undergoing its own financial woes, triggered by the bursting global economy by the mid-1990s, did not have large enough quotas or voting power in the IMF was considered a problem of double-standards (Sohn 2005). The Japanese government advocated less stringent and more appropriate conditions to be attached to IMF loans, as well as increased quotas for member countries from the region.…”

Section: Japan's Strategymentioning

confidence: 99%

“…For example, with the political support of other East Asian countries, Beijing has called for reform of international financial architecture. In November 2000, China highlighted its policy preference for becoming a rule-maker (as a member of the East Asia grouping) in global financial governance through the new regional financial arrangements such as the CMI (Sohn 2005;. More recently, Chinese president Hu Jintao also declared at the G20 Summit in June 2012 that "all countries should work together to push for reform of international financial governance and increase the representation and powers of emerging economies and developing countries" ( Xinhua News 2012).…”

Section: China's Strategymentioning

confidence: 99%

The Financial Statecraft of Emerging Powers

Armijo¹,

Katada²

2014

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The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and 'the rest', especially the BRICS, rise.

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“…167–195; Rodney Hall, “The Discursive Demolition of the Asian Development Model in the Asian Financial Crisis,” International Studies Quarterly , 47‐1 (2004), pp. 71–99; and Injoo Sohn, “Asian Financial Cooperation: The Problem of Legitimacy in Global Financial Governance,” Global Governance , 11‐4 (2005), pp. 487–504.…”

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confidence: 99%

SouthKorea and the Pitfalls ofEastAsian Monetary Regionalism: Do Neighbors Mean Neighborly Behavior?

Cho¹

2014

Pacific Focus

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In the aftermath of the Asian financial crisis, monetary regionalism has been widely advocated as a means to shelter East Asia from not only the volatility of global financial markets but also from the US‐dominated International Monetary Fund. While the primary obstacle to deepening regional monetary cooperation centered around the Chiang Mai Initiative (CMI) is cogently identified as being political, the existing literature focuses mostly on the rivalry between the likely lenders, China and Japan, and neglects the likely borrowers. Using the case of South Korea, this paper provides a cautionary tale of the CMI from a borrower's perspective. Any workable liquidity‐support arrangement, regional or otherwise, requires a robust surveillance mechanism to address the problem of moral hazard inherent to such a lending facility. In turn, an effective surveillance mechanism inevitably implies a significant political leverage for the lenders and vulnerability for the borrowers, an outcome that cannot be assumed to be avoidable by the CMI just by the virtue of its regional scope. There is little basis to expect that being neighbors necessarily means neighborly behavior; mere geographic proximity does not make China and Japan any less self‐interested than the United States, nor does it make Korea's potential political costs more tolerable.

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Asian Financial Cooperation: The Problem of Legitimacy in Global Financial Governance

Cited by 32 publications

References 10 publications

Co-chairing international negotiations: the case of the Chiang Mai initiative multilateralization

Co-chairing international negotiations: the case of the Chiang Mai initiative multilateralization

The Financial Statecraft of Emerging Powers

SouthKorea and the Pitfalls ofEastAsian Monetary Regionalism: Do Neighbors Mean Neighborly Behavior?

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