By the mid-2010s, integration trends in trade, investment, and finance were developing in parallel in East Asia. An example of this is the signing of free trade agreements (bilateral and multilateral), as well as the implementation of a number of regional financial initiatives. Nevertheless, interpenetration in the financial sector is proceeding at a faster pace, which gives reason for experts to speak about the uniqueness of the East Asian model. Back in the mid-1990s, the region's leading states, in particular Japan, stated that the classical type of integration in East Asia could be preceded by financial integration. According to the literature, the term "financial integration" is used in relation to regionalization processes in East Asia much more often than in other regions of the world. This concept appears both in the reports of international institutions (ADB, IMF, European Commission, UN entities)¹ and in studies of national authorities of East Asian countries ².

However, the application of this term to the issues of regionalization in East Asia, according to a number of experts, remains controversial and requires its precise definition. The expert community has established an understanding that" financial integration " is a process in which national financial markets become a single market against the background of increasing competition with each other. The degree of integration is characterized by "convergence of prices, supply of financial products and their efficiency/profitability"³. This result implies "harmonization of the financial infrastructure" (payment systems, financial management, financial legislation, financial accounting and reporting systems, business rules, etc.)⁴.

1

The impetus for greater economic integration emanating from ASEAN in the 1990s was reflected in two parallel strategies: the signing of individual-group agreements on the establishment of free trade zones between the Organization of Southeast Asian Nations and its northern neighbors, and the emergence of the ASEAN Plus Three (APT) collective cooperation mechanism ⁵ with the prospect of its transformation to the "East Asian Community" ⁶.

Already in the late 1990s, when the draft ASEAN Economic Community was developed, it was initially designed for the subsequent entry into the field of integration efforts of three privileged partners from Northeast Asia-China, South Korea and Japan. ⁷ In the Statement adopted in December 1998 in the context of the consequences of the financial crisis that have not yet been fully overcome the decisive factor is-

The article was prepared while performing research on the topic "International political and legal aspects of integration projects with the participation of the Russian Federation", conducted within the framework of the Federal Target Program "Scientific and scientific-pedagogical personnel of innovative Russia" for 2009-2013 [Agreement No. 801 5].

^{The group's} leaders emphasized "the inseparability of the economic destinies of ASEAN and the countries of Northeast Asia". The Economic Community they have created has obviously reflected the traditional desire of the countries that have joined it to act as a collective player in integration processes in order to level out their weaknesses in the face of stronger states. At the same time, the countries of North-East Asia, understanding the meaning of ASEAN's attempts to consolidate their organizational and procedural advantages, accept these rules of the game. They seem to believe that the economic benefits in this case outweigh the negative aspects of cooperation on the ASEAN terms.

The first APT summit was held in December 1997 with the participation of the leaders of all ASEAN countries, as well as China, South Korea and Japan. The decision to organize it was discussed before the financial crisis broke out in the region, but the agenda of the meeting was adjusted to take into account the need for joint actions to overcome its consequences. The leitmotif of the consultations was the development of measures to create a pan-Asian system of financial regulation. Although over time, the range of issues raised at APT summits has expanded to include the fight against infectious diseases (SARS, avian influenza), food security and the formation of an East Asian identity, cooperation in the financial sector remains a top priority. At the same time, its discussion covers three main aspects::

- Integration of East Asian financial markets;

- formation of common regulatory mechanisms to improve their manageability and stability;

- turning the financial sector into an additional source of accelerating economic development through more efficient capital mobilization and facilitating the flow of investment.

The APT was designed to respond to the challenges that were fully manifested during the Asian financial crisis, which demonstrated the instability of the currency systems of Southeast Asian countries. It is symptomatic that it began precisely in the currency sphere with the devaluation of the Thai baht in July 1997. Its massive sale provoked a drop in confidence in other Southeast Asian currencies. Gradually, the instability spread to the stock and real estate markets, as well as to the banking sector.

Attempts to mitigate the consequences of the crisis were facilitated by the emergence of the phenomenon of "Asian solidarity". The latter was expressed primarily in the readiness of China and Japan to support the economies of the countries of Southeast Asia (SE). In September 1997, Tokyo initiated the creation of an Asian Monetary Fund with an authorized capital of $ 100 billion to help those East Asian countries and territories whose financial systems were subjected to speculative attacks. The plan provided for participation in the authorized capital of funds in China, Hong Kong, South Korea and Taiwan, although Japan's contribution was the largest.

In October 1998, shortly after it was rejected under pressure from the United States, Tokyo put forward the "New Miyazawa Initiative" (after the name of the then Japanese Finance Minister). According to it, the central banks of East Asian countries would be able to carry out currency swap transactions ^of up to $ 30 billion. Malaysia ($2.5 billion) and South Korea ($5 billion) soon took advantage of the terms of this agreement. Against the background of the IMF's inability to support the Southeast Asian economies, Japan's actions were highly appreciated.

At the second APT Summit in December 1998, Japan took the initiative to create a yen-denominated Special Borrowing System. It provided for the issuance of concessional or interest-free long-term loans totaling up to 5 billion rubles. dollars for implementation

infrastructure projects in countries affected by the crisis ¹⁰. In addition, the APT leaders agreed to include in the Hanoi Action Plan, an internal document of ASEAN, a voluntary commitment to promote financial stability in the region. In March 1999, a proposal was made by Chinese diplomacy to hold regular meetings at the level of deputy finance Ministers of the APEC countries. The following year, in Chiang Mai, Thailand, the level of representation at such meetings was raised to ministerial level ¹¹.

During the discussions at the APT summit in Manila in November 1999, the idea of forming a single financial and economic complex in Northeast Asia with the participation of Japan, South Korea and China and its subsequent unification with ASEAN was first voiced. At a meeting in Singapore in 2000. It was reformatted as a project to create a single free trade zone in Southeast and Northeast Asia. It is important to keep in mind that the APT economic community, if implemented, will be based on the merger of the ASEAN Economic Community and the FTA agreements between ASEAN and each of the three privileged NEA partners (China, Japan, and South Korea). Using European analogies, this will mean the actual expansion of ASEAN into 3 more countries.

At the APT Summit in 2004, a proposal was made to establish the ASEAN Development Fund (ADF). The agreement on its establishment was signed in Vientiane in July 2005. Each of the group's 13 member states contributed $ 1 million to its authorized capital.

Currently, financial integration under the APT is implemented in three main formats : the Chiang Mai Initiative (CHI), the Asian Bond Market Initiative (AORI), and the Asian Monetary Unit (ACU) project.

At the aforementioned meeting in Chiang Mai, the APEC finance ministers agreed to form a system of bilateral "swap" agreements to prevent sharp currency fluctuations and their devaluation in the event of future crises. Such a scheme of mutual financial support had precedents in the region: in 1977, the ASEAN countries agreed on a similar document, which formally continued to operate. However, it allowed for the attraction of such a small amount of funds - about $ 700 million-that countries could not use it during the crisis of 1997-1998.

By May 2003, 14 swap agreements had been concluded between the central banks of the APEC countries, and their total financial limit, together with the aforementioned 1977 ASEAN Agreement, was $ 36 billion. dollars. In May 2007, the reserve fund created to support this system reached $ 82.5 billion.

During the eighth Conference of Finance Ministers in May 2005, the new financial mechanism architecture received significant institutional improvements. The parties agreed to improve the mechanism of joint monitoring of compliance with agreements by partially integrating national regulatory mechanisms. They also agreed to develop procedures for collective decision-making on issues related to HMI, based on a simple and qualified majority.

It was decided to exchange information on short-term capital movements and establish an early warning mechanism for crisis events.¹² In the spring of 2007, the parties agreed to give this system a multilateral character. It became possible to combine the funds allocated by each country under 16 bilateral agreements into a single fund, from which any participating State could borrow currency in the event of destabilization of financial markets. In fact, the idea of an Asian Monetary Fund, proposed by Japan in 1997, has been implemented. The ultimate goal of the HMI was to create a multilateral monetary and financial system coordinated by the World Bank.-

regulation based on a single reserve fund. In the long run, this mechanism is quite capable of developing into a kind of regional central bank.

Organizational elements of the emerging regional financial system are:: APT as an institutional framework for negotiations, the Asian Development Bank ¹³, the Asian Initiative for Bond Markets, and individual central banks and finance ministries ¹⁴.

The system built in 1998-2008 was tested for its viability during the global financial and economic crisis of 2008-2010. At the APT summit on December 29, 2008, it was decided to increase the fund to $ 120 billion.¹⁵ The relevance of the Chiang Mai Initiative in solving the problem of short-term liquidity shortage has been confirmed by practice.

2

The second important area of APT's efforts was identified by the initiative to create an integrated Asian bond market. Its goal is to accelerate economic growth through a system of expanded lending to production, primarily at the expense of accumulated gold and foreign exchange reserves in East Asian countries, the creation of which became one of the forms of hedging macroeconomic stability after the events of 1997 - 1998. In addition, the calculation was based on household savings, which in the East Asian states accounted for 30 to 40% of GDP ^.16

By the time the initiative was launched, a significant part of the funds accumulated by governments and private households were placed in Western countries, primarily in US Treasury bonds. Even in the developed countries of East Asia, Japan and South Korea, stock markets were poorly internationalized, especially if the securities they issued were denominated in national currencies. For example, in 2004, only 4% of Tokyo's government bonds were purchased by non-residents.¹⁷

The goal of the Asian Bond Market Initiative was to encourage the development of national and regional financial instruments in East Asia. It was about attracting domestic investment reserves of East Asian economies, reducing dependence on extra-regional borrowing.

The first decisions on the implementation of this initiative were taken in December 2002. In June 2003, the first Asian bond funds were established, and in April 2004, the second, with a total amount of more than $ 12 billion.¹⁸ By 2006, it had already reached about $ 3 trillion.¹⁹

Unlike the Chiang Mai Initiative, which aims to ease short-term liquidity crises, the Asian bond market is committed to ensuring stable and long-term lending to East Asian economies. The initiative was timely. According to Citigroup experts, East Asian states will need about $ 20 trillion by 2015. $ ²⁰ net investment to replace or upgrade the economic infrastructure.

In addition, unlike the HMI, which assumed actions at the level of official departments, private economic entities are the main actors in the common bond market, which contributes to the formation of a multi-level system of financial coordination in East Asia.

It is the development of the Asian bond market that can serve as the central mechanism of financial regionalism in the APT format. The results of a study conducted by specialists of the Asian Development Bank show how significant results have been achieved by East Asian States in the field of "harmonization of financial infrastructures". National bond markets were analyzed according to 14 criteria, including the procedures of regi-

Table 1.

General assessment of barriers to cross-border investment and regulation of national bond markets, 2010

Источник: Hong Bum Jang Financial Integration and Cooperation in East Asia / Institute for Monetary and Economic Studies Bank of Japan, Tokio, February 2011, author's summery based on the ABMI Group of Experts Report, ADB, 2010

Table 2.

Correlation coefficient of national bond market indices (June 2005-June 2010)

Источник: Bloomberg, Hong Bum Jang Financial Integration and Cooperation in East Asia / Institute for Monetary and Economic Studies Bank of Japan, Tokio, February 2011, p. 40

investor relations, currency control requirements, cash flow control, level of taxation, etc. ²¹ The results of the study are presented in Table 1.

It is obvious that the level of access to national bond markets varies significantly for different countries in the region. While in countries such as Japan, Hong Kong, Malaysia or Singapore, restrictions are minimal, the degree of overregulation is limited. National bond markets in a number of countries, including Indonesia, the Philippines, Thailand, and Vietnam, are still high, with China providing the worst conditions.

It is also not possible to achieve a high level of integration of national financial markets. The dynamics of bond market indices (as well as stock markets in general) in some countries is much more closely related to the dynamics of similar indicators in the United States, rather than in the partner countries of the initiative. This is evidenced by the results of a correlation analysis conducted by Bloomberg specialists (see Table 2.3).

If we talk about the countries of Northeast Asia, the greatest degree of interconnection is observed in China and the Republic of Korea, while Japan is more focused on the United States (both in the case of the bond market and the stock market as a whole). Also noteworthy is the very high financial interconnectedness of the ASEAN countries, that is, between

Table 3.

Correlation coefficient of national stock markets (January 1999-June 2010)

Источник: Bloomberg, Hong Bum Jang Financial Integration and Cooperation in East Asia / Institute for Monetary and Economic Studies Bank of Japan, Tokyo, February 2011, p. 46

with them, there are prerequisites for the development of integration in the field under study. The stock market of the Republic of Korea is also approaching them, which opens up an opportunity for financial convergence in the ASEAN+1 format.

Despite some positive developments, one of the main problems of Asian markets is the continued excessive dependence on bank lending against the background of the relative underdevelopment of national bond markets. In this regard, one of the main objectives of the Bond Markets Development Initiative is to gradually expand the issuance of corporate securities. In the process of its implementation, the APT States have made significant progress.

Due to the faster growth of the value indicators of fixed-income securities issued in local currencies compared to the economic growth rate, the tendency to increase their share in GDP remains. According to ADB data, the average increase in bond markets in 2012 was 11%, and this growth was largely driven by active fundraising by companies. The growth rate of corporate bonds was 17.6% against 7.8% for the government bond ^market. This trend is typical for all countries with a high proportion of government-issued securities. Vietnam (21.4%), Singapore (18.1%), the Philippines (16.1%), Malaysia (16.1%) and Thailand (14.42%) were the leaders in 2012, with Singapore, the Philippines and Thailand leading the way due to the expansion of corporate bond markets23.

3

The Asian Currency Unit (ACU) initiative forms the third route of APT's movement towards financial integration. At the APT Summit in 1999, Philippine President J. R. R. Tolkien Estrada said that in the long term, we should focus on the introduction of a common currency. Experts began to talk about the fact that the creation of a currency unit modeled on the ECU of the 1970s in the EEC could be a step towards the implementation of this strategic goal. ²⁴

This idea was first voiced by representatives of the Asian Development Bank (ADB) in 2006. The concept of the ACU was similar to the mechanism of functioning of the European equivalent or special drawing rights (SDR), adopted as an accounting unit in the IMF. The exchange rate of the AKU would be determined on the basis of a"basket of regional currencies". According to the authors of the project, it should have been used not only as an accounting unit, but also for trade and financial transactions in the region. ADB President Haruhiko Kuroda, however, made a reservation that its full functioning is possible only after the transformation of East Asia into a highly integrated common market, which, according to him, "may take several decades."²⁵. This will require strengthening the system of monetary and financial guarantees, developing stock markets and increasing mutual trade, as well as harmonizing the monetary policies of the APEC member countries.

This direction of integration involves the coordination of monetary policy and the exchange rate system, which should later lead to the emergence of a single regional currency. ²⁶ The initiative to establish an ACU in East Asia, as already noted, has been in existence for several years, and this issue is periodically raised during bilateral and multilateral summit meetings. However, the implementation of the initiative faces a number of contradictions, both of a purely economic and political nature. One of the main issues remains the structure of the currency basket and the share of each national currency in it.

In addition, the East Asian states cannot fail to understand that the introduction of a single currency unit will significantly reduce the possibility of manipulating exchange rates and using them as instruments of foreign economic policy. Meanwhile, they are actively using-

They use this tool to adjust the state of the trade balance and stimulate the accumulation of monetary reserves. In particular, for a long period of time, accusations of artificially undervaluing the national currency were made against China. In response, at the World Economic Forum in Davos in early 2013, Deputy Governor of the People's Bank of China Yi Gang announced that the yuan had achieved a balanced exchange rate against the dollar, citing as evidence the minimum growth rate of national gold and foreign exchange reserves over the past 5 years. Nevertheless, there is no reason to expect the activation of monetary integration processes in the region today.

4

Along with the Chiang Mai Initiative, the Bond Market Development Project, and Asian Bond funds, APT is using a Regional Economic Control System to expand its financial integration. Since May 1, 2011, the APT Macroeconomics Research Office has been operational to expand and strengthen the existing Chiang Mai Initiative.

However, despite the fact that region-wide mechanisms and initiatives significantly contribute to improving stability and development, there is no need to talk about full-fledged financial integration within the framework of APTs: it is only about expanding cooperation aimed at achieving common goals.

At the APEC summit in November 2012, dedicated to the 15th anniversary of the establishment of this format, the participating countries discussed first of all the issues of expanding cooperation in trade and investment, promoting cultural ties and implementing joint projects in the field of education. Such an agenda is typical today for the annual ASEAN, ASEAN+1 or ASEAN+6 summits. However, the original purpose of creating the APT, as we recall, was to discuss issues of financial stability, develop collective measures to prevent global financial threats and develop national financial markets. The fact that in recent years this component of cooperation within the framework of the APT has been gradually replaced by discussion of more general issues of a political and economic nature, and regional summits are becoming more universal, may indirectly indicate that East Asia still cannot serve as an example of a fundamentally new model for the development of integration processes.

At the 7th East Asian Congress in late 2012, it was announced that negotiations on the development of an Integrated Regional Economic Partnership system with a focus on expanding trade and investment ties between the participating countries were launched. It is the expansion of trade cooperation that is finally coming to the fore today. The instability of the global economy, which has persisted for more than four years, is forcing the leading powers to enter into an even more intense struggle for sales markets, and the fast-growing markets of Southeast Asia are of particular interest to both Western and leading Asian countries in this regard. In the light of the growing activity of the United States and the EU, East Asian leaders, China and Japan, will seek to consolidate their positions in the region primarily by increasing trade relations and intensifying integration rapprochement with the group.

The APT, in turn, is gradually acting more as a counterweight to the Trans-Pacific Partnership lobbied by the United States, rather than a structure that promotes the development of monetary and financial integration of East Asian countries.

* * *

At the end of the first decade of the 2000s, the specifics of financial and economic integration in Pacific Asia were clearly visible.

First, unlike in the EU, where the formal legal conditions for economic integration often outstripped the real desire of businesses to do so, in East Asia, integration was derived from the business interest in economic expansion. Rapprochement often took place "apart from" and in the absence of interstate bilateral and multilateral integration measures. At the same time, factors that are usually attributed to obstacles to integration construction, such as the difference in the cost of labor and other resources and the low efficiency of the state apparatus, in East Asian conditions, on the contrary, contributed to convergence, as they encouraged TNCs to create production cells in several countries at once, involving them in a single economic process, without encountering significant resistance on the part of government agencies.

Second, in the EU, when the integration process began in 1951, the countries of Western Europe completed the process of state consolidation. They have developed relatively self-sufficient economic complexes with a developed industry, transport infrastructure and social security system. States have retained strong control and distribution functions. In East Asia, the only country that reached the European level of national-state maturity was Japan. Other countries in the 1960s, when they began to make efforts to internationalize production, did not have time to get stronger. This flaw has, in a sense, turned into a virtue. Governments of small and medium-sized countries did not have time to strengthen their economic sovereignty, and many industries were subordinated to the interests of large TNCs, which were based in Japan, and later in South Korea, Singapore, and China. As a result, the weakness of statehood worked to pull the region into a single production complex.

Third, in Western Europe, there is clearly a strict sequence of stages in the merging of farms, recognized in the literature as "classical". In the EU, integration in trade preceded convergence in finance, and especially in currency issues. In East Asia, probably due to the superimposition of the globalization of global capital markets on regional processes, although the removal of barriers to trade was ahead of other areas of cooperation, monetary and financial integration soon began to develop "in step" with it. Over time, especially in the light of the crisis in 1997 - 1998, the main focus of the efforts of East Asian states to bring their economies closer together was focused on the latter.

Fourth, monetary and financial integration in the EU was preceded by the creation of a full-fledged customs union with the construction of a single tariff barrier along the perimeter of the external borders of the community, and the phase of the free trade zone turned out to be "blurred". In East Asia, the stage of creating a customs union has not yet come. Once they got over it, the countries immediately started creating an FTA with the participation of non-group countries and moved along the path of monetary and financial coordination. It seems that the establishment of a customs union has proved less popular in East Asia, because in this part of the world there are more stringent rules for determining the origin of goods, which reduces the possibility of abuse of their re-export.

Fifth, the nature of the legal framework of the APT economic community is combined, individual and group in nature. This means that the ASEAN countries enter into agreements as a collective entity under the "10 + 1" formula with their economic partners in the region. So far, ASEAN countries have signed agreements of this type with China (2002), though only in the sphere of trade in goods, and with the Republic of Korea (2006). At the same time, the leaders of the ASEAN countries believe that the creation of an economic community in the APT format is unlikely to take place before the start of the work of the Economic Council.-

the pace and quality of integration within the "ten" countries should outpace integration on a broader scale.

Sixth, economic integration in East Asia is asynchronous and multilevel. It manifests itself in several spatial spans and with varying degrees of depth and intensity. Within the framework of ASEAN+6, a free trade zone operates, and the task is to create a single space for services and investment. In the " APT " format, financial coordination tasks are mainly solved. As in the EU, a deeper degree of integration in Southeast Asia is observed at the level of the core-a grouping of Southeast Asian countries.

At the same time, in the light of the financial and economic crisis of the late 2000s and early 2010s, this model began to undergo erosion, or, possibly, a temporary rollback, generated by both the "syndrome of inflated expectations" and some "running ahead".

A growing number of expert assessments indicate that financial mechanisms and initiatives cannot be considered structural elements of integration. Skepticism mainly applies to the following areas of interaction.

(1) The prospects for monetary integration in East Asia are very limited, which is due to both political and purely economic factors - the unwillingness and unwillingness of Asian states to limit the ability to conduct independent monetary policy.

(2) Despite significant progress in the development of national financial markets in East Asian countries, they are not truly "integrated", either in terms of the degree of interconnection of key indicators or the nature of regulation.

(3) The problems of Japan's foreign trade balance and the decline in the competitiveness of its corporations, as well as the growing struggle between China and Western countries for sales markets in Southeast Asia, will determine a more active course of trade, rather than financial integration of the region's countries.

The "rollback of adaptation" was not long in coming. It seems that the history of European integration, where such rollbacks, or" integration crises", occurred with enviable frequency, " may still be instructive for researchers of integration hotbeds in non-Western regions.

Resume

The main purpose of the research conducted by the authors of the article is to answer the question: can East Asia be considered an example of a new model of economic integration that differs from the classical one? Is it appropriate to use the term "financial integration" in relation to integration trends in the region, or are the existing initiatives and mechanisms exclusively examples of financial cooperation, and East Asian regionalism is developing along the traditional path?

Keywords: East Asia; Chiang Mai Initiative; Asian Development Bank; regional integration; financial cooperation; bond market; monetary union; stock market; financial crisis

Abstract

The research, conducted by the authors of the article, aims to answer the question whether East Asia can be considered as a new economic integration model, different from the classical EU one. Whether the term "financial integration" is applicable to integration trends in the region or all the contemporary mechanisms and initiatives provide only financial cooperation, and the East Asian regionalism develops in a traditional way.

Keywords: East Asia; Chiang-Mai Initiative; Asian Development Bank; regional integration; financial cooperation; bond market; currency union; stock exchange; financial crisis.

Note

¹ Monetary and Financial Integration in East Asia: The Way Ahead: Vol. 2 (Monetary and Financial Integration in East Asia) / ADB. 2013.

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Rossella C. Assessing financial integration: a comparison between Europe and East Asia // European Commission. Economic Papers. Brussels Directorate-General for Economic and Financial Affairs. No 423. September. 2010.

^{Gladys S.} 2 Financial Integration in Emerging Asian Economies// 2012 International Conference on Economics, Business Innovation. IPEDR vol.3. Singapore: IACSIT Press, 2012.

Asian Financial and Monetary Integration. Challenges and Prospects // Monetary Authority of Singapore. 2007. December; Hong Bum Jang Financial Integration and Cooperation in East Asia / Institute for Monetary and Economic Studies Bank of Japan, Tokio, 2011

^{Hong Bum Jang.} 3 Financial Integration and Cooperation in East Asia: Assessment of Recent Developments and Their Implications // Bank of Japan. Discussion Paper. 2011. No. 2011. E-5. February. P.1.

^{Wataru Takahashi.} 4 Financial Cooperation in East Asia: Its Future Directions // Research Institute for Economics and Business Administration, Kobe University, Japan, November, 2011. P.4.

^{Soesastro H.} 5 An ASEAN economic community and ASEAN+3: how do they fit together? // Pacific Economic Paper No. 338. Canberra: Australia-Japan Research Centre, 2003.

^{Baikov A. A.} 6 Sravnitel'naya integratsiya [Comparative Integration], Moscow, 2012. [Baykov АЛ. Sravnitelnaya integratsya. M., 2012]

^{Mahani Z.A.} 7 ASEAN integration: at risk of going in different directions // The World Economy. Vol. 25. No. 9. 2002. P. 1263 - 1277.

⁸ Statement on Bold Measures, Ha Noi. 15 December 1998.

⁹ Swap Agreement A swap agreement is an intergovernmental agreement that is usually operated by central banks. Under its terms, governments guarantee each other the provision of the necessary amount of foreign exchange funds for conducting interventions on the open market in order to adjust the exchange rate of national currencies with the obligation to return them later.

^{Dent On.} 10 East Asian Regionalism. London; N.Y., 2008. P. 1 56.

^{Rana P.B.} 11 Monetary and financial co-operation in East Asia: the Chiang Mai Initiative and beyond // Economic and Research Department Working Paper Series no. 6. Manila: Asian Development Bank, 2002.

^{Dent Ch.} 12 East Asia's Regionalism. London; N.Y., 2008. P. 1 57.

¹³ The Asian Development Bank is an institution established in 1966 on the initiative of Japan, which is the main sponsor of its projects. In 2005, the Asian Regional Integration Center was established under the ADB, which regularly updates the values of the main integration indicators - the share of intraregional trade, the share of mutual PPI, etc. in East Asia.

^{Arnyx J.} 14 A bond market for East Asia? The evolving political dynamics of regional financial cooperation // Pacific Economic Paper. No. 342. Australia-Japan Research Centre. Australian National University, 2004. P. 8.

¹⁵ Interview with Masahiro Kawai, Dean of the Faculty of International Economic Relations at the Asian Development Bank Institute [URL: www.asahi.com/english/Herald-asahi/ TKY200812290043.html).

^{Dent Ch.} 16 East Asia's Regionalism. London; N.Y., 2008. P. 161.

¹⁷ Business Times Singapore. 24.05.2004.

¹⁸ Financial Times. 16.04.2004.

¹⁹ Financial Times. 26.03.2006.

²⁰ Business Times. 24.05.2004.

²¹ Hong Bum Jang Financial Integration and Cooperation in East Asia / Institute for Monetary and Economic Studies Bank of Japan, Tokyo, February 2011. P. 78 - 79.

²² Asia Bond Monitor complete report / Asian Development Bank. Manila, November 2012. P.8.

²³ Ibid.

^{Ahn C, Kim H.B. and Chang D.} 24 Is East Asia fit for an optimum currency area? An assessment of the economic feasibility of a higher degree of monetary co-operation in East Asia// Developing Economies. Vol. 44. No. 3. 2006. P. 288 - 305.

^{Dent Ch.} 25 East Asia's Regionalism. London; N.Y., 2008. P. 165.

²⁶ Ibid.

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