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The ASEAN Economic Community and the European Experience

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  • Plummer, Michael G.

    ()
    (Johns Hopkins University SAIS–Bologna)

Abstract

In November 2002, the Association of Southeast Asian Nations (ASEAN) committed itself to the creation of an ASEAN Economic Community (AEC), in which goods, services, capital, and skilled labor would flow freely by the year 2020, or possibly even 2015. Hence, the AEC will guide the ASEAN integration agenda for at least the medium-term. The object of this paper is to analyze the lessons (both positive and negative) for the AEC that might be gleaned from the European Union (EU)Â economic integration experience. The paper notes that while there is much that the EU experience can teach ASEAN, the region should not underestimate the substantive differences between the two regions or their differing historical contexts . Based on this analysis, the paper also suggests various approaches to the creation of the AEC that ASEAN might consider as it concretizes the AEC program.

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Bibliographic Info

Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 1.

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Length: 20 pages
Date of creation: 01 Jul 2006
Date of revision:
Handle: RePEc:ris:adbrei:0001

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Keywords: ASEAN economic integration; ASEAN Economic Community; EU integration and developing countries;

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References

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  1. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1473, C.E.P.R. Discussion Papers.
  2. Hiemenz, Ulrich (Ed.) & Gundlach, Erich (Ed.), 1994. "Regional integration in Europe and its effects on developing countries," Open Access Publications from Kiel Institute for the World Economy, Kiel Institute for the World Economy (IfW) 794, Kiel Institute for the World Economy (IfW).
  3. Andrew K. Rose, 2002. "Do We Really Know that the WTO Increases Trade?," NBER Working Papers 9273, National Bureau of Economic Research, Inc.
  4. Kawai, Masahiro, 2005. "East Asian economic regionalism: progress and challenges," Journal of Asian Economics, Elsevier, Elsevier, vol. 16(1), pages 29-55, February.
  5. Ma, Guonan & Remolona, Eli M., 2006. "Learning by doing in market reform: Lessons from a regional bond fund," HWWI Research Papers 2-6, Hamburg Institute of International Economics (HWWI).
  6. Patrick A. Messerlin, 2001. "Measuring the Costs of Protection in Europe: European Commercial Policy in the 2000s," Peterson Institute Press: All Books, Peterson Institute for International Economics, Peterson Institute for International Economics, number 102, July.
  7. Michael G. Plummer, 2002. "The EU and ASEAN: Real Integration and Lessons in Financial Cooperation," The World Economy, Wiley Blackwell, vol. 25(10), pages 1469-1500, November.
  8. Plummer, Michael G., 2003. "Structural change in a globalized Asia: macro trends and US policy challenges," Journal of Asian Economics, Elsevier, Elsevier, vol. 14(2), pages 243-281, April.
  9. Pomfret, Richard, 2001. "The Economics of Regional Trading Arrangements," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199248872, October.
  10. Plummer, Michael G., 2006. "Toward Win-Win Regionalism in Asia: Issues and Challenges in Forming Efficient Trade Agreements," Working Papers on Regional Economic Integration, Asian Development Bank 5, Asian Development Bank.
  11. Michael G. Plummer & Reid W. Click, 2005. "Bond market development and integration in ASEAN," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 10(2), pages 133-142.
  12. Click, Reid W. & Plummer, Michael G., 2005. "Stock market integration in ASEAN after the Asian financial crisis," Journal of Asian Economics, Elsevier, Elsevier, vol. 16(1), pages 5-28, February.
  13. Jonathan Story & Ingo Walter, 1997. "Political Economy of Financial Integration in Europe: The Battle of the Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262692031, December.
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Cited by:
  1. Qin, Duo & Cagas, Marie Anne & Ducanes, Geoffrey & Magtibay-Ramos, Nedelyn & Quising, Pilipinas F., 2007. "Measuring Regional Market Integration in Developing Asia: a Dynamic Factor Error Correction Model (DF-ECM) Approach," Working Papers on Regional Economic Integration, Asian Development Bank 8, Asian Development Bank.
  2. Plummer, Michael G., 2006. "Toward Win-Win Regionalism in Asia: Issues and Challenges in Forming Efficient Trade Agreements," Working Papers on Regional Economic Integration, Asian Development Bank 5, Asian Development Bank.
  3. Ramesh Chandra & Rajiv Kumar, 2008. "South Asian Integration Prospects and Lessons from East Asia," Indian Council for Research on International Economic Relations, New Delhi Working Papers, Indian Council for Research on International Economic Relations, New Delhi, India 202, Indian Council for Research on International Economic Relations, New Delhi, India.
  4. Adalbert Winkler, 2010. "The Financial Crisis : A Wake-Up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Finance Working Papers 22022, East Asian Bureau of Economic Research.
  5. Duo Qin & Marie Anne Cagas & Geoffrey Ducanes & Nedelyn Magtibay-Ramos & Pilipinas F. Quising, 2006. "Measuring Regional Market Integration by Dynamic Factor Error Correction Model (DF-ECM) Approach - The Case of Developing Asia," Working Papers, Queen Mary, University of London, School of Economics and Finance 565, Queen Mary, University of London, School of Economics and Finance.
  6. Kumar, Rajiv & Singh, Manjeeta, 2009. "India’s Role in South Asia Trade and Investment Integration," Working Papers on Regional Economic Integration, Asian Development Bank 32, Asian Development Bank.

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