서강대학교

초록/요약 도움말

After the 1997 Asian financial crisis, ASEAN+3 countries reached an agreement to create the Chiang Mai Initiative (CMI) in 2000, and later it evolved into the Chiang Mai Initiative Multilateralization (CMIM) in 2009. Both are the result of ASEAN+3 financial cooperation, grounded in bilateral and multilateral swap arrangements respectively. Although the process of ASEAN+3 cooperation is slow and East Asian integration seems to have a long way to go, ASEAN+3 continues to result from regional cooperation in East Asia, compared to other East Asian regional cooperation. As for development process of ASEAN+3 financial cooperation, this study focuses on causes of the process of the cooperation. With the help of Andrew Moravcsik’s works, liberal intergovernmentalism was likely to shed light on the process of European integration by focusing on common national preferences and roles of governments. Because of differences of the historical background between Europe and East Asia, however, his works with liberal intergovernmentalism is unlikely to directly apply to the process of ASEAN+3 financial cooperation. As a result, in this study an adjusted analytical framework should be introduced on the basis of both the theoretical framework of liberal intergovernmentalism and common regional experiences in East Asia. Accordingly, As for ASEAN+3 cases, the adjusted analytical framework refers to common financial interests and asymmetric interdependence. In other words, ASEAN+3 cooperation can be attributed to common financial interests as national preferences, and concession and side-payment under asymmetric interdependence as roles of governments. Despite slow progress of regional cooperation and the lack of strong regional institutions, considering deliberate and calculated development process of regional cooperation, this study is expected to contribute to throw light on causes of ASEAN+3 financial cooperation. As a result of the findings, based on common financial interests and asymmetric interdependence, if ASEAN+3 attempt to settle the disputes about sovereignty issues, East Asian cooperation is expected to go forward.