Change Font: A A A A Contact Us What's New FAQs Subscribe ADB.org home
HomePublicationsCatalogResponding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization

Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization
By Gregory Chin


This paper examines the evolving dynamics between economic globalization and Asian regional interdependence, and asks whether and how the global financial crisis impacted Asian regionalism. The analysis suggests that the global crisis did trigger advances in regional policy cooperation from 2007 onwards, especially in the area of financial and monetary cooperation. Although the first order response of Asian countries was to join the broader global effort to contain financial freefall at the world level, there emerged a second order response at the level of regional institutional building, specifically to "multilateralize" the Chiang Mai Initiative, and to develop a regional trust fund to help strengthen Asian bond markets.

Download this Paper [ PDF 162.9KB| 23 pages ].




[next chapter]


Post a Comment

We welcome your feedback on this publication. Post a comment. ADBI is not obliged to acknowledge or publish comments and may abridge or edit them before web posting.

Comment(s)

There are [0] comment(s) for this entry. Post a comment.

    The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.

    Working papers are subject to formal revision and correction before they are finalized and considered published.

    Back to Top 
    © 2014 Asian Development Bank Institute.