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

Gregory Chin
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Gregory Chin: Asian Development Bank Institute

No 343, ADBI Working Papers from Asian Development Bank Institute

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 (search for similar items in EconPapers)
JEL-codes: F15 F33 F36 F51 F53 F55 F59 H87 O53 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2012-02-02
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Citations: View citations in EconPapers (2)

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