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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)

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.

Suggested Citation

  • Capannelli, Giovanni, 2011. "Institutions for Economic and Financial Integration in Asia: Trends and Prospects," ADBI Working Papers 308, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0308
    as

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    References listed on IDEAS

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    3. Peter A. Petri, 2006. "Is East Asia becoming more interdependent?," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
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    6. Jayant Menon, 2009. "Dealing with the Proliferation of Bilateral Free Trade Agreements," The World Economy, Wiley Blackwell, vol. 32(10), pages 1381-1407, October.
    7. Prema-chandra Athukorala, 2005. "Product Fragmentation and Trade Patterns in East Asia," Asian Economic Papers, MIT Press, vol. 4(3), pages 1-27, Fall.
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    10. Masahiro Kawai & Jong-Wha Lee & Peter A. Petri & Giovanni Capanelli (ed.), 2010. "Asian Regionalism in the World Economy," Books, Edward Elgar Publishing, number 13758.
    11. Takatoshi Ito & Andrew K. Rose, 2005. "International Trade in East Asia," NBER Books, National Bureau of Economic Research, Inc, number ito_05-1.
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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. Gupta, Abhijit Sen, 2012. "Exchange Rate Coordination in Asia: Evidence using the Asian Currency Unit," ADBI Working Papers 356, Asian Development Bank Institute.
    3. Capannelli, Giovanni & Tan, See Seng, 2012. "Institutions for Asian Integration: Innovation and Reform," ADBI Working Papers 375, Asian Development Bank Institute.
    4. Fithra Faisal Hastiadi, 2011. "The determinants of east asian regionalism," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 3(2), pages 13-26, December.
    5. 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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    More about this item

    Keywords

    chiang mai initiative; economic cooperation; regional integration;
    All these keywords.

    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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