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International and Regional Cooperation: Asia's Role and Responsibilities

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  • Peter DRYSDALE
  • Shiro ARMSTRONG

Abstract

Asia has emerged from the global financial crisis as an important stabilizing force and engine of global economic growth. The establishment of the G20 gives Asian economies the global forum that they have needed to both represent their interests in global governance and to deliver on responsibilities concomitant with their growing weight in the global economy. The region has a host of cooperation arrangements in APEC, ASEAN+3 and EAS, all with ASEAN as the fulcrum. They are huge assets but they need to be re-positioned to relate effectively to the G20 process and other global arrangements. They also need to comprehend the politics of the changing structure of regional power. This paper discusses the challenges that Asia faces in aligning regional and global objectives in financial, trade and other areas of cooperation, such as on climate change and on foreign investment. It argues that Asia is now a critical player in the global system and has a central contribution to make in strengthening global governance and international policy outcomes. Currently, there is a disconnect between the regional cooperation and the global agenda. The paper sets out ways to address this problem through filling gaps in regional cooperation and linking the agenda for regional cooperation more effectively to Asia's new role globally. That is essential to sustain Asia's superior growth performance, correct imbalances and support the global economic system.
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Suggested Citation

  • Peter DRYSDALE & Shiro ARMSTRONG, 2010. "International and Regional Cooperation: Asia's Role and Responsibilities," Asian Economic Policy Review, Japan Center for Economic Research, vol. 5(2), pages 157-173, December.
  • Handle: RePEc:bla:asiapr:v:5:y:2010:i:2:p:157-173
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    References listed on IDEAS

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    1. Philippa Dee, 2007. "East Asian Economic Integration and its Impact on Future Growth," The World Economy, Wiley Blackwell, vol. 30(3), pages 405-423, March.
    2. Peter Drysdale & Sébastien Willis, 2013. "Asia and The G20," EABER Working Papers 23384, East Asian Bureau of Economic Research.
    3. L. Alan Winters & Shahid Yusuf, 2007. "Dancing with the Giants: China, India, and the Global Economy," World Bank Publications, The World Bank, number 6632.
    4. C. Randall Henning, 2009. "The Future of the Chiang Mai Initiative: An Asian Monetary Fund?," Policy Briefs PB09-5, Peterson Institute for International Economics.
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    Citations

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    Cited by:

    1. Xiao Jing Cai & Shuairu Tian & Shigeyuki Hamori, 2016. "Dynamic correlation and equicorrelation analysis of global financial turmoil: evidence from emerging East Asian stock markets," Applied Economics, Taylor & Francis Journals, vol. 48(40), pages 3789-3803, August.
    2. Masahiro Kawai & Ganeshan Wignaraja, 2014. "Policy challenges posed by Asian free trade agreements: a review of the evidence," Chapters,in: A World Trade Organization for the 21st Century, chapter 8, pages 182-238 Edward Elgar Publishing.
    3. Udichibarna Bose & Ronald McDonald & Serafeim Tsoukas, 2016. "Policy initiatives and Örmsíaccess to external finance: Evidence from a panel of emerging Asian economies," Working Papers 2016_18, Business School - Economics, University of Glasgow.
    4. Kawai, Masahiro & Wignaraja, Ganeshan, 2014. "Trade Policy and Growth in Asia," ADBI Working Papers 495, Asian Development Bank Institute.
    5. Loan, Ngo Thi Thanh & Mitomo, Hitoshi, 2017. "Role of the Regional economic communities (RECs) in Information and Communication Technologies (ICT) in the Asia-Pacific," 14th ITS Asia-Pacific Regional Conference, Kyoto 2017: Mapping ICT into Transformation for the Next Information Society 168524, International Telecommunications Society (ITS).
    6. Yiping Huang & Bijun Wang, 2011. "From the Asian Miracle to an Asian Century? Economic Transformation in the 2000s and Prospects for the 2010s," RBA Annual Conference Volume,in: Hugo Gerard & Jonathan Kearns (ed.), The Australian Economy in the 2000s Reserve Bank of Australia.

    More about this item

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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