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In the wake of the global financial crisis, Asia is leading the
global recovery with strong economic growth. However, this book
argues that, in the coming years, the region will need to play a
much more active role in shaping the future global financial system
and, in turn, suggests policy strategies for doing so. Asian
Financial Integration explores the lessons we can learn from Asia's
experience during the global financial crisis in terms of the
future direction of the region's economic policy and the challenges
posed by the opening and deepening of its financial markets. The
contributors deal with a number of crucial questions, including
what Asia should learn from the crisis, especially with regards to
financial innovation and regulation; whether global imbalances are
a result of policy distortions or a natural outcome of global
division of labour; what are the lessons and implications from the
financial market reform and liberalization experiences of some of
the region's major economies; and what should Asia do to promote
regional financial integration, particularly with regards to
currency integration. This book will be welcomed by students and
scholars interested in Asian economics and international economics,
as well as by policy-makers working in the field.
In the wake of the global financial crisis, Asia is leading the
global recovery with strong economic growth. However, this book
argues that, in the coming years, the region will need to play a
much more active role in shaping the future global financial system
and, in turn, suggests policy strategies for doing so. Asian
Financial Integration explores the lessons we can learn from Asia's
experience during the global financial crisis in terms of the
future direction of the region's economic policy and the challenges
posed by the opening and deepening of its financial markets. The
contributors deal with a number of crucial questions, including
what Asia should learn from the crisis, especially with regards to
financial innovation and regulation; whether global imbalances are
a result of policy distortions or a natural outcome of global
division of labour; what are the lessons and implications from the
financial market reform and liberalization experiences of some of
the region's major economies; and what should Asia do to promote
regional financial integration, particularly with regards to
currency integration. This book will be welcomed by students and
scholars interested in Asian economics and international economics,
as well as by policy-makers working in the field.
The shape of economic integration in the global and regional
economies - and the extent to which goods, services and factors of
production move more or less freely across borders - depends not
only upon underlying economic conditions but also upon politics.
Whether integration is market-led, as has been the case in Asia, or
institution-led as in Europe, there are political elements that
affect all forms of regional and international economic
integration. While geopolitics influences international economic
integration, so too does domestic politics. Economic integration in
Asia has been driven by rapid unilateral trade and investment
liberalization and, while trade and investment patterns have been
determined largely by comparative advantage, political forces have
also affected patterns of economic interdependence. The form that
regional institutions take, and their effectiveness, also depends
on political relations between countries. The particular
circumstances in Asia, and the relationships between regional
economies has profoundly shaped regional institutions and will
continue to do so. The chapters in this volume draw on papers
originally presented to the 33rd Pacific Trade and Development
Conference held in Taipei in 2009 to look in original ways at how
politics shape economic integration and its various dimensions in
Asia and the Pacific and globally.
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