Financing for Regional Economic Integration for Northeast Asia III: A Multilateral Financial Institution for Northeast Asia

157 Pages Posted: 19 Aug 2016

See all articles by Lee-Jay Cho

Lee-Jay Cho

Northeast Asia Economic Forum

Chang-Jae Lee

Korea Institute for International Economic Policy

Date Written: December 30, 2011

Abstract

The Northeast Asian region is one of the most dynamic economic centers of the world, having China, Japan, and Korea as major players, with productive linkages to resource-rich Russia and Mongolia, and to the Pacific and North America. In contrast to the region’s robust economic growth, regional security has long been fragile, mainly due to the geopolitical conditions resulting from the Cold War era. In the twenty-first century, if the countries in Northeast Asia wish to further their development and prosperity, they will have to learn to harness their dynamic economies and create a region in which peaceful coexistence and common prosperity prevail. North Korea, Mongolia, the Russian Far East, and the northeastern provinces of China constitute a northern sub-region that is well-endowed with latent natural and human resources. This sub-region has the potential of becoming a valuable source of natural resources for the entire region, and what is needed is to realize that potential through cross border infrastructure development. Energy security and efficiency, the environment, and green growth, for example, constitute an important area of cooperation, as the three major countries of China, Japan and Korea are heavily dependent on energy imports and are highly vulnerable to energy crises. Financing requirements for the necessary cross-border infrastructure are likely to be large, and a regional financial institution is a key to meeting that financing need. This volume, which is the third in the series of volumes entitled, Financing for Regional Economic Integration for Northeast Asia, comprises papers, research reports, and summaries of a main conference and several specialized meetings, as well as affiliated activities, that took place under this project. The results of this project represent activities contributing to the regional economic integration and have been carried out in a spirit of cooperation.

Keywords: Regional development, Economic Integration, Economic partnership - APEC, Regional financial cooperation, Financing infrastructure development, Northeast Asia

Suggested Citation

Cho, Lee-Jay and Lee, Chang-Jae, Financing for Regional Economic Integration for Northeast Asia III: A Multilateral Financial Institution for Northeast Asia (December 30, 2011). KIEP Research Paper No. Conference Proceedings-11-05 . Available at SSRN: https://ssrn.com/abstract=2319786 or http://dx.doi.org/10.2139/ssrn.2319786

Lee-Jay Cho

Northeast Asia Economic Forum

1000 Bishop St # 904
Honolulu, HI 96813
United States

Chang-Jae Lee (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

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