Despite rising tensions between China, its neighbors, and the United States, some aspects of East Asian regional economic cooperation have continued to develop in recent years. In particular, cooperation among ASEAN+3 (Association of Southeast Asian Nations plus China, Japan, and South Korea) has grown across multiple fronts, including trade, connectivity, and finance. This talk addresses one key element of ASEAN+3 cooperation: institutions to support regional financial stability. The Chiang Mai Initiative Multilateralization and the ASEAN+3 Macroeconomic Research Office offer up to $240 billion and expert economic advice to prevent a recurrence of the 1997 Asian Financial Crisis. While addressing common interests of China, Japan, and other ASEAN+3 members, these institutions have grown and developed in the shadow of U.S.-China and Japan-China rivalry, both of which have fundamentally shaped they ways in which they are set up and operate. This talk will show how rivalry has contributed to cooperation in this subject area, while also raising questions about how the system will work in a crisis.

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