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Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization

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  • Chin, Gregory

    (Asian Development Bank Institute)

Abstract

This paper examines the evolving dynamics between economic globalization and Asian regional interdependence, and asks whether and how the global financial crisis impacted Asian regionalism. The analysis suggests that the global crisis did trigger advances in regional policy cooperation from 2007 onwards, especially in the area of financial and monetary cooperation. Although the first order response of Asian countries was to join the broader global effort to contain financial freefall at the world level, there emerged a second order response at the level of regional institutional building, specifically to “multilateralize” the Chiang Mai Initiative, and to develop a regional trust fund to help strengthen Asian bond markets.

Suggested Citation

  • 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.
    • Handle: RePEc:ris:adbiwp:0343
    as

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    File URL: http://www.adbi.org/files/2012.01.31.wp343.gfc.evolution.asian.regionalism.economic.globalization.pdf
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    References listed on IDEAS

    as
    1. Haruhiko Kuroda & Masahiro Kawai, 2002. "Strengthening Regional Financial Cooperation in East Asia," Asia Pacific Economic Papers 332, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
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    4. Fan Zhai, 2010. "The Benefits of Regional Infrastructure Investment in Asia : A Quantitative Exploration," Microeconomics Working Papers 22803, East Asian Bureau of Economic Research.
    5. Capannelli, Giovanni & Lee, Jong-Wha & Petri, Peter, 2009. "Developing Indicators for Regional Economic Integration and Cooperation," Working Papers on Regional Economic Integration 33, Asian Development Bank.
    6. Cyn‐Young Park & Charles Adams & Hoe Yun Jeong, 2011. "Asia's contribution to global rebalancing," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 25(2), pages 38-51, November.
    7. Giovanni Capannelli, 2011. "Institutions for Economic and Financial Integration in Asia : Trends and Prospects," Trade Working Papers 23228, East Asian Bureau of Economic Research.
    8. Capannelli, Giovanni, 2011. "Institutions for Economic and Financial Integration in Asia: Trends and Prospects," ADBI Working Papers 308, Asian Development Bank Institute.
    9. Giovanni Capannelli, 2011. "Institutions for Economic and Financial Integration in Asia : Trends and Prospects," Governance Working Papers 23228, East Asian Bureau of Economic Research.
    10. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa68, October.
    11. Arner, Douglas & Schou-Zibell, Lotte, 2010. "Responding to the Global Financial and Economic Crisis: Meeting the Challenges in Asia," Working Papers on Regional Economic Integration 60, Asian Development Bank.
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    Cited by:

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    2. Ilene Grabel, 2015. "The rebranding of capital controls in an era of productive incoherence," Review of International Political Economy, Taylor & Francis Journals, vol. 22(1), pages 7-43, February.

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    More about this item

    Keywords

    economic globalization; asian regional interdependence; global financial crisis; asian regionalism;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • 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
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • 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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