Abstract
Private-sector regional co-operation, on an industry level, is still a relatively new feature of ASEAN finance, which has expanded rapidly since the Bali Summit. The oldest of the ASEAN private-sector co-ordinating bodies,1 the Association of ASEAN Chambers of Commerce and Industry (ASEAN-CCI), was the first to address the question of financial regional co-operation. Since 1976 the private-sector groups have attempted to form ASEAN-level regional bodies in a number of financially related areas, including the banking, insurance, accounting and securities industries; more specialised bodies will probably develop in the future.2
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Notes
J. Panglaykim, ‘ASEAN Finance Corporation: Prospects and Challenge’, paper presented in Jakarta, 10 Sep 1981, p. 19.
Rachmat Saleh, ‘An Address by the Governor of Bank Indonesia’, Twelfth ASEAN Banking Council meeting, Jakarta, 13 Aug 1982, p. 4.
Report of the Permanent Committee on Investment, Trade and Finance to the seventh ASEAN Banking Council, 31 Jan - 3 Feb 1980, as cited in S. Y. Lee and Y. C. Jao, Financial Structure and Monetary Policies in South-East Asia ( London: Macmillan, 1982 ) p. 221.
Dr Tony Tan, ‘Role and Challenge in the Banking Industry in the Development of the ASEAN region’, Singapore Banking and Finance 1976, ( Singapore: Institute of Banking and Finance, 1976 ) p. 47. Some mechanism would also be needed to control the foreign-exchange losses and gains experienced.
David Sycip, ‘A Payment Union for ASEAN’, Asian Money Manager, Aug 1976, p. 9.
T. G. Santillan, then President of AMEX Bancom Ltd, as cited in Far Eastern Economic Review, 22 Sep 1978, p. 62.
S. Y. Lee, ‘The Role of Banks and Financial Institutions in Financing Foreign Trade and Investment in Singapore’, Singapore Stock Exchange Journal, Oct 1978, p. 17.
ASEAN: Challenges of an Integrated Market (Hong Kong: Business International Asia/Pacific, 1979) p. 96. For a good discussion of why the ASEAN members did not join the Asian Clearing Union and the problems associated with an ASEAN Clearing Union, also see S. Y. Lee, ‘Asian Clearing Union’, The New Economic Order UNCTAD IV and Singapore (Singapore. Stamford College Press, 1976 ) pp. 50 - 68. More recently, the American Express International Banking Corporation sponsored a conference between 29 April and 1 May 1979 in Manila on ‘The Future of Asian Payment Systems’.
V. Kanapathy, ‘ASEAN Banking Co-operation: a Tortuous Road Ahead’, Kuala Lumpur Stock Exchange Gazette, July 1978, p. 3.
Michael T. Skully, ‘The Asian Reinsurance Corporation’, Best’s Review, Feb 1981, pp. 60–8.
Joint Press Release, Third ASEAN Insurance Commissioners’ Meeting, Singapore, 5–7 Sep 1977, p. 2.
Frederick D. S. Choi, ‘ASEAN Federation of Accountants: A New International Accounting Force’, International Journal of Accounting, Fall 1979, p. 55.
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© 1985 Australasian Consulting, Inc.
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Skully, M.T. (1985). ASEAN Private-Industry Regional Efforts. In: ASEAN Financial Co-operation. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-07231-6_3
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DOI: https://doi.org/10.1007/978-1-349-07231-6_3
Publisher Name: Palgrave Macmillan, London
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