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13 - Financial cooperation and integration in East Asia

from PART II - China, India and regional economic integration in Asia

Published online by Cambridge University Press:  03 May 2011

By
Douglas W. Arner ,
Wei Wang  and
Paul Lejot
Edited by
Muthucumaraswamy Sornarajah  and
Jiangyu Wang
Douglas W. Arner
Affiliation:
University of Hong Kong
Wei Wang
Affiliation:
Fudan University
Paul Lejot
Affiliation:
University of Hong Kong
Muthucumaraswamy Sornarajah
Affiliation:
National University of Singapore
Jiangyu Wang
Affiliation:
National University of Singapore
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Summary

Introduction

This chapter discusses the efforts being made in East Asia towards financial integration, and the prospects for it becoming generally accepted as a consensus goal of national policies. At present, financial integration in East Asia is largely a discussion topic for national officials in regional gatherings, both formal and bilateral and the subject of research, rather than a planned objective or even a limited agreed direction of policy. At the same time, several separate motives and common external forces have caused an increase in discussion of prospects for financial cooperation and integration in East Asia, and greater cooperation among national interests that traditionally compete in economic, financial and trade objectives. This has made the possibility of an agreement on financial integration as a deliberate objective more tangible than before.

This chapter begins with a discussion of the reasons underlying discussions relating to East Asian financial cooperation and integration (section II). It then reviews progress to date in a number of areas, of which the most significant are initiatives involving regional economic cooperation and Asian bond market development (section III). In looking to possible future developments, it is useful to compare the experience to date of the most successful regional financial integration initiative, that of the European Union (EU) (section IV).

Type
Chapter
Information
China, India and the International Economic Order , pp. 454 - 488
Publisher: Cambridge University Press
Print publication year: 2010

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