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Regionalism Cycle in Asia (-Pacific): A Game Theory Approach to the Rise and Fall of Asian Regional Institutions

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Abstract

Despite a commonplace view that Asian regionalism lacks institutions, Asia, in fact, is full of regional institutions and frameworks in various forms. The rise and fall of regional institutions in Asia is an extremely dynamic process. Using a game theory approach, this paper hypothesizes that the dynamic nature of Asian regionalism can be explained by a "regionalism cycle." The institutional outcome of regionalism in Asia has been cyclical because the game played by Japan and the United States does not have a stable equilibrium. This paper tests the hypothesized regionalism cycle using actual cases of regional institutions in the field of financial cooperation and regional summit meetings.

Suggested Citation

  • Hamanaka, Shintaro, 2010. "Regionalism Cycle in Asia (-Pacific): A Game Theory Approach to the Rise and Fall of Asian Regional Institutions," Working Papers on Regional Economic Integration 42, Asian Development Bank.
  • Handle: RePEc:ris:adbrei:0042
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    Keywords

    regionalism; Regionalism cycle; Asian Monetary Fund (AMF); East Asia Summit (EAS); Game Theory;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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