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

23 Pages Posted: 5 Feb 2012

Date Written: February 2, 2012

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.

Keywords: economic globalization, Asian regional interdependence, global financial crisis, Asian regionalism

JEL Classification: F15, F33, F36, F51, F53, F55, F59, H87, O53

Suggested Citation

Chin, Gregory, Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization (February 2, 2012). ADBI Working Paper 343, Available at SSRN: https://ssrn.com/abstract=1998014 or http://dx.doi.org/10.2139/ssrn.1998014

Gregory Chin (Contact Author)

York University ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
326
Abstract Views
1,441
rank
108,478
PlumX Metrics