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

  • Giovanni Capannelli

    (Asian Development Bank Institute (ADBI))

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    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. While the focus of the paper is on monetary and financial integration, the analysis also covers other integration pillars such as trade and investment, connectivity and infrastructure, and regional public goods. It suggests the need to create new institutions in support of Asian regionalism and to adopt a broad perspective in moving towards the formation of a region-wide economic community based on strong political commitment and grassroots participation.

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    File URL: http://130.56.61.71/node/23228
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    Paper provided by East Asian Bureau of Economic Research in its series Governance Working Papers with number 23228.

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    Date of creation: Sep 2011
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    Handle: RePEc:eab:govern:23228
    Contact details of provider: Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
    Web page: http://www.eaber.org

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