05.07.2014 - 00:00:00
Project on Regional Financial Safety Nets in East Asia and Europe
The East Asia Institute of the Ludwigshafen University of Applied Sciences (Prof. Dr. Frank Rövekamp), in cooperation with the IN-EAST of Duisburg-Essen University (Prof. Dr. Werner Pascha), has started a research project on behalf of the Bank of Korea, the South Korean central bank, on institutional mechanisms to secure international financial safety.
On a global level, the International Monetary Fund, based in Washington D.C., has the mandate to handle such issues. However, the recent financial crisis in the Euro area and the Asian financial crisis of 1997/98 have shown that there is a demand for regional safety mechanisms as well. In the EU, the European Stability Mechanism (ESM) has emerged on this background, whereas East Asian economies have created the so-Called Chiang Mai Initiative (CMI). The collaborative project with the Bank of Korea has the goal of developing ideas to improve the structure and processes of such regional initiatives further.