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Beyond the Golden Era: Asia Pacific Cooperation after the Global Financial Crisis

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  • Peter A. Petri

    ()
    (International Business School, Brandeis University)

Abstract

The half century leading up to the crisis of 2008-2009 was the best such period in world economic history, especially in the Asia Pacific. Peace and relative economic stability permitted unprecedented liberalization, economic integration, and advances in productivity and growth. But the institutions and strategies of this system are hitting roadblocks. Economic power has become more diffuse and the challenges for cooperation more complex. The world trading system may be entering a period of “contested stability”—continuity with limited prospects for forward progress. In this system cooperation will involve managing interdependence rather than negotiating new agreements. A new, layered approach to cooperation is likely to emerge, with stronger bilateral and regional mechanisms complementing weaker global processes, such as the G-20. World growth need not suffer if new, distributed drivers of productivity emerge to replace deepening economic integration as the engine of progress.

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File URL: http://www.brandeis.edu/departments/economics/RePEc/brd/doc/Brandeis_WP11.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Brandeis University, Department of Economics and International Businesss School in its series Working Papers with number 11.

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Length: 37 pages
Date of creation: Nov 2010
Date of revision:
Handle: RePEc:brd:wpaper:11

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Web page: http://www.brandeis.edu/departments/economics/
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Related research

Keywords: Asian Economic Growth; International Cooperation; Globalization; Interdependence; WTO; Trade Policy;

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  1. Estevadeordal, Antoni & Taylor, Alan M, 2008. "Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s," CEPR Discussion Papers 6942, C.E.P.R. Discussion Papers.
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  7. Michael A. Clemens & Jeffrey G. Williamson, 2001. "A Tariff-Growth Paradox? Protection's Impact the World Around 1875-1997," NBER Working Papers 8459, National Bureau of Economic Research, Inc.
  8. Wendy Dobson & Gary Clyde Hufbauer & Hyun Koo Cho, 2001. "World Capital Markets: Challenge to the G-10," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 328.
  9. Jeffrey J. Schott, 2000. "WTO after Seattle, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 317.
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