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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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    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
    Handle: RePEc:ris:adbiwp:0308
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    Keywords: chiang mai initiative; economic cooperation; regional integration;

    Find related papers by JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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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. 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.
    3. Peter A. Petri, 2006. "Is East Asia becoming more interdependent?," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    4. Prema-chandra Athukorala, 2005. "Product Fragmentation and Trade Patterns in East Asia," Asian Economic Papers, MIT Press, vol. 4(3), pages 1-27, October.
    5. Richard E. Baldwin, 2008. "Managing The Noodle Bowl: The Fragility Of East Asian Regionalism," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 53(03), pages 449-478.
    6. Mitsuyo Ando & Fukunari Kimura, 2005. "The Formation of International Production and Distribution Networks in East Asia," NBER Chapters,in: International Trade in East Asia, NBER-East Asia Seminar on Economics, Volume 14, pages 177-216 National Bureau of Economic Research, Inc.
    7. Jayant Menon, 2009. "Dealing with the Proliferation of Bilateral Free Trade Agreements," The World Economy, Wiley Blackwell, vol. 32(10), pages 1381-1407, October.
    8. Kawai, Masahiro, 2005. "East Asian economic regionalism: progress and challenges," Journal of Asian Economics, Elsevier, vol. 16(1), pages 29-55, February.
    9. 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.
    10. 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.
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    Cited by:

    1. Aalto, Pami, 2014. "Energy market integration and regional institutions in east Asia," Energy Policy, Elsevier, vol. 74(C), pages 91-100.
    2. 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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