Economic Crises and Institutions for Regional Economic Cooperation
Henning, C. Randall | June 2011
Abstract
This paper examines the extent to which economic crises facilitate the development of
more effective regional institutions and whether such institutions can shield regions from
crises. It compares six regional economic crises over the last four decades and the
institution building—or decay—that followed. The analysis concludes that five conditions
are especially important in generating a constructive regional response: (i) a significant
degree of regional economic interdependence; (ii) an independent secretariat or
intergovernmental body charged with cooperation; (iii) webs of interlocking economic
agreements; and, as elements of the multilateral context, (iv) conflict with the relevant
international organization (such as the International Monetary Fund [IMF]); and (v) the
support of the United States. The paper then reviews three episodes of crises in Europe,
concluding that the Economic and Monetary Union (EMU) has deflected balance of
payments and currency crises but not crises of other types, such as sovereign debt
crises. Asian regionalism would be well served by heads of government taking the lead
and delegating tasks to intergovernmental networks and secretariats, central banks and
finance ministries retaining substantial collective autonomy in their fields of
responsibility, and the use of concentric circles to accommodate countries with different
levels of commitment to regionalism.
Citation
Henning, C. Randall. 2011. Economic Crises and Institutions for Regional Economic Cooperation. © Asian Development Bank. http://hdl.handle.net/11540/2024. License: CC BY 3.0 IGO.Keywords
Economic Crisis
Economic Efficiency
Economic Policies
Regional Economic Development
Job Evaluation
Evaluation
Price stabilization
Food prices
Price policy
Crisis
Unemployment
Economic cooperation
Gross domestic product
Employment
Economic forecast
Open price system
Price fixing
Price regulation
Consumer price indexes
Financial crisis
Labor economics
Regional economics
Turnover
Economic survey
Job analysis
Labor turnover
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Citable URI
http://hdl.handle.net/11540/2024Metadata
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