How has Asean+3 financial cooperation affected global financial governance

Bibliographic Data

ID12700759
AuthorsWilliam N Kring (0000-0002-6574-4524, Global Development Policy Center, Frederick S. Pardee School for Global Studies, Boston University, MA, USA, corresponding author), William W Grimes (0000-0001-9748-6147, Global Development Policy Center, Frederick S. Pardee School for Global Studies, Boston University, MA, USA)
Year2020
Volume21
Issue1
Pages7-35
Publication date2020-10-06
Open AccessYes
TypeARTICLE
VenueInternational Relations of the Asia-Pacific (JOURNAL)
Journal identifiersISSN: 1470-482X • E-ISSN: 1470-4838
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1093/irap/lcaa017
OpenAlexW3124557386
LanguageEN
Citations received1
References cited12

In the wake of the Asian Financial Crisis, East Asia’s efforts to enhance regional financial cooperation raised the possibility of East Asia playing a more assertive role in global financial governance. However, despite the region’s increased voice in governance and economic weight, East Asian financial systems and markets have mostly adapted to global norms developed in New York, London, and Washington, DC. We argue that the failure of East Asia to push an alternative vision of financial governance reflects both the lack of regional political unity and, more crucially, the divisions of interests both between and within key East Asian economies. Despite nearly universal regional dissatisfaction with global standards and institutions in the wake of the Asian Financial Crisis, these two factors have combined to prevent the development of a distinctive regional model that could be promoted at the global level

Business · China · Corporate governance · East Asia · Economics · Financial crisis · Financial market · Financial system · Political science · Politics · Global Financial Crisis and Policies · Global Financial Regulation and Crises · State Capitalism and Financial Governance · Finance

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