This study examines the case for and against regional financial arrangements in East Asia, focusing on the Chiang Mai Initiative (CMI). The study describes the main elements of the CMI, compares it to financial arrangements in other regions, and recommends how the initiative can preserve its complementarity to multilateral institutions and how it can be strengthened in the future. The study specifically addresses the concerns of American, European, and multilateral organizations, assessing the impact of East Asian financial arrangements on the global system. Henning is associate professor at the School of International Service, American University. Annotation c. Book News, Inc., Portland, OR (booknews.com)
