Download or read book Practices of Financial Regionalism and the Negotiation of Community in East Asia written by Mikko Huotari and published by . This book was released on 2012 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not only in East Asia the political construction of "coherent regions" is often closely linked to practices of financial regionalism. Starting from a non-idealistic understanding of community building, this paper compares three stages of the development of East Asian financial regionalism: Japan's proposal to establish an Asian Monetary Fund, the establishment of a network of currency swap agreements in 2000 (Chiang Mai Initiative) and the multilateralization of this cooperative scheme in May 2010. It is demonstrated how the evolution of these cooperative arrangements has materialized an influential "East Asia"-Asianism essentially embedded in financial regionalism. Effectively negotiated internal discrimination, successful balancing of great powers as well as lender-borrower interests and the potential security function of the arrangement serve as the foundation of a nascent but fragile East Asian community.