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Institutions for Economic and Financial Integration in Asia: Trends and Prospects

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  • Capannelli, Giovanni

    (Asian Development Bank Institute)

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    Abstract

    Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the absence of a grand plan for regional integration. While the financial crisis of 1997–98 triggered new regional cooperation initiatives, more recently several Asian political leaders have formulated proposals for the creation of a regional economic community, suggesting the possible start of a top-down approach. Based on the results of a survey of Asia’s opinion leaders conducted by the Asian Development Bank (ADB) in 2010, this paper discusses how Asia’s institutional architecture for economic and financial integration is taking shape, suggesting the need to strengthen existing institutions that promote Asian regionalism and to create new ones.

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    File URL: http://www.adbi.org/files/2011.09.07.wp308.economic.financial.integration.asia.trends.prospects.pdf
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    Bibliographic Info

    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 308.

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    Length: 28 pages
    Date of creation: 07 Sep 2011
    Date of revision:
    Handle: RePEc:ris:adbiwp:0308

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    Keywords: chiang mai initiative; economic cooperation; regional integration;

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    1. Masahiro Kawai & Shinji Takagi, 2005. "Towards regional monetary cooperation in East Asia: lessons from other parts of the world," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 10(2), pages 97-116.
    2. Baldwin, Richard E., 2007. "Managing the Noodle Bowl: The Fragility of East Asian Regionalism," Working Papers on Regional Economic Integration 7, Asian Development Bank.
    3. Garnaut, Ross, 1994. "Open regionalism: Its analytic basis and relevance to the international system," Journal of Asian Economics, Elsevier, vol. 5(2), pages 273-290.
    4. Giovanni Capannelli & Jong-Wha Lee & Peter A. Petri, 2010. "Economic Interdependence In Asia: Developing Indicators For Regional Integration And Cooperation," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 55(01), pages 125-161.
    5. Jayant Menon, 2009. "Dealing with the Proliferation of Bilateral Free Trade Agreements," The World Economy, Wiley Blackwell, vol. 32(10), pages 1381-1407, October.
    6. Mitsuyo Ando & Fukinari Kimura, 2003. "The Formation of International Production and Distribution Networks in East Asia," NBER Working Papers 10167, National Bureau of Economic Research, Inc.
    7. Petri, Peter A., 2006. "Is East Asia becoming more interdependent?," Journal of Asian Economics, Elsevier, vol. 17(3), pages 381-394, June.
    8. Prema-chandra Athukorala, 2005. "Product Fragmentation and Trade Patterns in East Asia," Asian Economic Papers, MIT Press, vol. 4(3), pages 1-27, October.
    9. Barry Eichengreen & Pipat Luengnaruemitchai, 2006. "Why doesn’t Asia have bigger bond markets?," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 40-77 Bank for International Settlements.
    10. Kawai, Masahiro, 2005. "East Asian economic regionalism: progress and challenges," Journal of Asian Economics, Elsevier, vol. 16(1), pages 29-55, February.
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    Cited by:
    1. Chin, Gregory, 2012. "Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization," ADBI Working Papers 343, Asian Development Bank Institute.

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