Organisation for Economic Co-operation and Development (OECD), 2008, "Shaping Policy Reform and Peer Review in Southeast Asia: Integrating Economies Amid Diversity". Pangestu, Mari, 2006, "Visions of East Asia: Three Engines for a Way Forward", Chapter 13 in the World Bank publication "East Asian Visions: Perspectives on Economic Development". Rodrik, Dani, 1994, "Getting Interventions Right: How South Korea and Taiwan Grew Rich", NBER Working Paper No. 4964, November. Rodrik, Dani, 2006, "What's So Special about China's Exports? ", China & The World Economy, Vol. 14, No. 5, September-October. Rodrik, Dani, 2009, "Growth after the Crisis", Prepared for the Commission on Growth and Development. World Bank, 2006, "Dancing with Giants. China, India and the Global Economy", By Eds, L., Alan Winters and Shahid Yusuf. In this paper, Asia generally refers to the entire geographical region of Asia, but with specific emphasis on East Asia and South-East Asia. However, when the latter two are referred to in the paper, it is explicitly stated. Refers to Japan (rank: 2), P. R. China (3), India (12), Korea (15) and Indonesia (19) based on 2008 nominal GDP in USD terms. Rodrik, Dani, 2009, "Growth after the Crisis", Prepared for the Commission on Growth and Development. ASEAN-5 refers to Indonesia, Malaysia, Philippines, Thailand and Vietnam. For example, for the newly industrialised Asian economies, private sector-driven growth began in earnest since the 1980s (Rodrik, Dani, 1994, "Getting Interventions Right: How South Korea and Taiwan Grew Rich", NBER Working Paper No. 4964, November).

The importance of regional financial collaboration was recognised, not only to provide a platform for regional development through channelling part of the high savings in Asia to be invested in Asia, but also as a safeguard against the vagaries of global markets. Extensive efforts have now been put in place in the areas of surveillance, liquidity support arrangements, crisis management framework, the development of financial markets and other financial infrastructure, capital account liberalisation, financial services liberalisation, development of regional payment and settlement systems, as well as training and capacity-building. Broadly, economic and financial surveillance, aimed at identifying regional risk sources and vulnerabilities have been undertaken to enhance vigilance as prevention to potential financial crises and enable prompt corrective actions. Several forums, including the Executives' Meeting of East Asia and Pacific Central Banks (EMEAP), ASEAN and ASEAN+3, undertake extensive discussions on these issues. An integrated regional crisis containment, management and resolution framework has also been established, which is also complemented with mutual support arrangements and liquidity support mechanisms, such as the Chiang Mai Initiative (CMI) launched 2000. The CMI, comprising of the ASEAN Swap Arrangement and a network of bilateral swap arrangements among the ASEAN+3 countries, makes available financial resources in a timely manner to members facing temporary balance of payments and short-term liquidity constraints. It was first agreed in 2005 that the CMI would be multilateralised in all main components of the arrangement, and more recently in 2009, the total size of the facility has been increased to USD120 billion.