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Article: Assessing East Asian financial cooperation and Integration

TitleAssessing East Asian financial cooperation and Integration
Authors
Issue Date2008
PublisherNational University of Singapore, Faculty of Law. The Journal's web site is located at http://law.nus.edu.sg/sybil/
Citation
Singapore Year Book of International Law, 2008, v. 12, p. 1-42 How to Cite?
AbstractFinancial integration is less pronounced in East Asia than among states in Europe and North America or compared to economic integration within the region. Cross-border trade flows, direct investment and investment in capital goods have long been greater and faster growing than other investment flows, while regional institutional and legal structures are scarce and frequently insubstantive. This dichotomy persists despite suggestions since the early 1990s that Asian financial integration would accelerate, especially following the Asian financial crisis of 1997-98 and including national enthusiasm for the World Trade Organization. This article suggests explanations in legal, governance and institutional frameworks for the paradox of modest financial integration, despite increasing regional cooperation, accompanying robust economic growth and trade integration. However, the recent global financial crisis provides opportunities and incentives for the region to endorse greater financial integration, sacrificing state sovereignty so that transnational financial arrangements may function effectively. Of several future post-crisis initiatives, an Asian Monetary Fund would be the most demanding to design and implement.
Persistent Identifierhttp://hdl.handle.net/10722/132176
ISSN

 

DC FieldValueLanguage
dc.contributor.authorArner, DWen_US
dc.contributor.authorLejot, PLen_US
dc.contributor.authorWang, Wen_US
dc.date.accessioned2011-03-21T08:59:07Z-
dc.date.available2011-03-21T08:59:07Z-
dc.date.issued2008en_US
dc.identifier.citationSingapore Year Book of International Law, 2008, v. 12, p. 1-42en_US
dc.identifier.issn1793-0448-
dc.identifier.urihttp://hdl.handle.net/10722/132176-
dc.description.abstractFinancial integration is less pronounced in East Asia than among states in Europe and North America or compared to economic integration within the region. Cross-border trade flows, direct investment and investment in capital goods have long been greater and faster growing than other investment flows, while regional institutional and legal structures are scarce and frequently insubstantive. This dichotomy persists despite suggestions since the early 1990s that Asian financial integration would accelerate, especially following the Asian financial crisis of 1997-98 and including national enthusiasm for the World Trade Organization. This article suggests explanations in legal, governance and institutional frameworks for the paradox of modest financial integration, despite increasing regional cooperation, accompanying robust economic growth and trade integration. However, the recent global financial crisis provides opportunities and incentives for the region to endorse greater financial integration, sacrificing state sovereignty so that transnational financial arrangements may function effectively. Of several future post-crisis initiatives, an Asian Monetary Fund would be the most demanding to design and implement.-
dc.languageengen_US
dc.publisherNational University of Singapore, Faculty of Law. The Journal's web site is located at http://law.nus.edu.sg/sybil/-
dc.relation.ispartofSingapore Year Book of International Lawen_US
dc.titleAssessing East Asian financial cooperation and Integrationen_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1793-0448&volume=12&spage=1&epage=42&date=2008&atitle=Assessing+East+Asian+financial+cooperation+and+Integration-
dc.identifier.emailArner, DW: dwarner@HKUCC.hku.hken_US
dc.identifier.emailLejot, PL: plejot@hku.hken_US
dc.identifier.authorityArner, DW=rp01237en_US
dc.identifier.authorityLejot, PL=rp01475en_US
dc.description.naturelink_to_OA_fulltext-
dc.identifier.hkuros176850en_US
dc.identifier.volume12en_US
dc.identifier.spage1en_US
dc.identifier.epage42en_US

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