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
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: Suggested Citation