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Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization

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  • Chin, Gregory

    (Asian Development Bank Institute)

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    Abstract

    This paper examines the evolving dynamics between economic globalization and Asian regional interdependence, and asks whether and how the global financial crisis impacted Asian regionalism. The analysis suggests that the global crisis did trigger advances in regional policy cooperation from 2007 onwards, especially in the area of financial and monetary cooperation. Although the first order response of Asian countries was to join the broader global effort to contain financial freefall at the world level, there emerged a second order response at the level of regional institutional building, specifically to “multilateralize” the Chiang Mai Initiative, and to develop a regional trust fund to help strengthen Asian bond markets.

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    File URL: http://www.adbi.org/files/2012.01.31.wp343.gfc.evolution.asian.regionalism.economic.globalization.pdf
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    Bibliographic Info

    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 343.

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    Length: 23 pages
    Date of creation: 02 Feb 2012
    Date of revision:
    Handle: RePEc:ris:adbiwp:0343

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    Related research

    Keywords: economic globalization; asian regional interdependence; global financial crisis; asian regionalism;

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    References

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    1. PG Rajamohan & Dil Bahadur Rahut & Jabin T Jacob, 2008. "Changing Paradigm of Indo-Japan Relations: Opportunities and Challenges," Working Papers id:1539, eSocialSciences.
    2. Biswa N Bhattacharyay, 2010. "Institutions for Asian Connectivity," Working Papers id:2646, eSocialSciences.
    3. Fan Zhai, 2010. "The Benefits of Regional Infrastructure Investment in Asia : A Quantitative Exploration," Microeconomics Working Papers 22803, East Asian Bureau of Economic Research.
    4. Capannelli, Giovanni, 2011. "Institutions for Economic and Financial Integration in Asia: Trends and Prospects," ADBI Working Papers 308, Asian Development Bank Institute.
    5. Adams, Charles & Jeong, Hoe Yun & Park, Cyn-Young, 2010. "Asia’s Contribution to Global Rebalancing," Working Papers on Regional Economic Integration 58, Asian Development Bank.
    6. Haruhiko Kuroda & Masahiro Kawai, 2002. "Strengthening Regional Financial Cooperation in East Asia," Asia Pacific Economic Papers 332, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    7. Capannelli, Giovanni & Lee, Jong-Wha & Petri, Peter, 2009. "Developing Indicators for Regional Economic Integration and Cooperation," Working Papers on Regional Economic Integration 33, Asian Development Bank.
    8. Giovanni Capannelli, 2011. "Institutions for Economic and Financial Integration in Asia : Trends and Prospects," Governance Working Papers 23228, East Asian Bureau of Economic Research.
    9. Arner, Douglas & Schou-Zibell, Lotte, 2010. "Responding to the Global Financial and Economic Crisis: Meeting the Challenges in Asia," Working Papers on Regional Economic Integration 60, Asian Development Bank.
    10. Giovanni Capannelli, 2011. "Institutions for Economic and Financial Integration in Asia : Trends and Prospects," Trade Working Papers 23228, East Asian Bureau of Economic Research.
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