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Institutions for Economic and Financial Integration in Asia : Trends and Prospects

Author

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  • Giovanni Capannelli

    (Asian Development Bank Institute (ADBI))

Abstract

Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the absence of a grand plan for regional integration. While the financial crisis of 1997–98 triggered new regional cooperation initiatives, more recently several Asian political leaders have formulated proposals for the creation of a regional economic community, suggesting the possible start of a top-down approach. Based on the results of a survey of Asia’s opinion leaders conducted by the Asian Development Bank (ADB) in 2010, this paper discusses how Asia’s institutional architecture for economic and financial integration is taking shape, suggesting the need to strengthen existing institutions that promote Asian regionalism and to create new ones. While the focus of the paper is on monetary and financial integration, the analysis also covers other integration pillars such as trade and investment, connectivity and infrastructure, and regional public goods. It suggests the need to create new institutions in support of Asian regionalism and to adopt a broad perspective in moving towards the formation of a region-wide economic community based on strong political commitment and grassroots participation.

Suggested Citation

  • Giovanni Capannelli, 2011. "Institutions for Economic and Financial Integration in Asia : Trends and Prospects," Trade Working Papers 23228, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:tradew:23228
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    File URL: http://www.eaber.org/node/23228
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    Citations

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    Cited by:

    1. Fithra Faisal Hastiadi, 2012. "China-Japan-Korea (CJK)'s FTA Strategy towards ASEAN Countries: A Game Theoretical Approach," Working Papers in Economics and Business 201210, Faculty of Economics and Business, University of Indonesia, revised Oct 2012.
    2. Aalto, Pami, 2014. "Energy market integration and regional institutions in east Asia," Energy Policy, Elsevier, vol. 74(C), pages 91-100.
    3. Gupta, Abhijit Sen, 2012. "Exchange Rate Coordination in Asia: Evidence using the Asian Currency Unit," ADBI Working Papers 356, Asian Development Bank Institute.
    4. Capannelli, Giovanni & Tan, See Seng, 2012. "Institutions for Asian Integration: Innovation and Reform," ADBI Working Papers 375, Asian Development Bank Institute.
    5. Fithra Faisal Hastiadi, 2011. "The determinants of east asian regionalism," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 3(2), pages 13-26, December.
    6. Dmitry P. Novikov & Anastasia S. Pyatachkova, 2014. "Sino-American Rivalry In The Context Of Asia-Pacific Economic Regionalism," HSE Working papers WP BRP 09/IR/2014, National Research University Higher School of Economics.
    7. 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.

    More about this item

    Keywords

    Asian Economic Integration; financial integration; Asia; institutions; economic community; Regionalism;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • 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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