Asian Economic & Financial Integration in Global Framework

This book analyses the nature of Asia's merging regionalism, providing a basis for understanding its dimensions and further discussion on ways to move forward. The dynamic and outward-looking style of Asian regionalism can have a significant impact in an increasingly globalised world. Regionalism can be a stabilising factor when shocks arise, whether region-based or externally-imposed. Europe has a long history of regional integration, underpinned by a strong institutional framework. North America has chosen a free trade area arrangement that does not foresee the creation of supranational institutions. In Latin America, the initial objectives of a common market and co-ordinated economic policies of Mercado Commum de Sur (MERCOSUR) have suffered setbacks caused by financial turbulence in the region in the late 1990s. The book examines all these global economic and monetary integration processes focusing on Asian monetary and financial integration.