Regional Integration in East Asia : Challenges and Opportunities, Part 1. History and Institutions
Over the past decade, regional integration has become the focus of intense global interest and debate, and the regionalization of East Asia has figured prominently in that dialogue. East Asia can be described as a heterogeneous region that is both...
| Main Authors: | , |
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/06/2420980/regional-integration-east-asia-challenges-opportunities-part-1-history-institutions http://hdl.handle.net/10986/18173 |
| Summary: | Over the past decade, regional
integration has become the focus of intense global interest
and debate, and the regionalization of East Asia has figured
prominently in that dialogue. East Asia can be described as
a heterogeneous region that is both global and
intraregional. The authors examine the motivating factors
and underlying dynamics of the progression toward closer
cooperation in the region beginning from a historical
perspective, which sets the stage for an evaluation of the
form that regional cooperation might take so as not to
sacrifice the benefits of the region's already achieved
openness. This examination includes a review of the
lingering effects of the 1997-98 Asian crisis, the expanding
role of China in the region, the prolonged slump in
Japan's economy, and the evolution of regional
institutions such as the Asia-Pacific Economic cooperation
and the Association of Southeast Asian Nations, among
others. The authors focus on trade, direct investment, and
the financial and monetary aspects of regional cooperation.
In their analysis, they compare other regions, particularly
the European Union and the North American Free Trade
Agreement. Finally, the authors suggest cooperative steps
the region might take over the next decade to promote the
growth and stability of its member economies. In this
regard, they look at the future role of regional
institutions, the prospects for a regional role in promoting
trade and foreign direct investment, and the possibilities
for financial and monetary cooperation. |
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