Institutions for Economic and Financial Integration in Asia: Trends and Prospects
Capannelli, Giovanni | September 2011
Abstract
Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the absence of a grand plan for regional integration. While the financial crisis of 1997–98 triggered new regional cooperation initiatives, more recently several Asian political leaders have formulated proposals for the creation of a regional economic community, suggesting the possible start of a top-down approach. Based on the results of a survey of Asia’s opinion leaders conducted by the Asian Development Bank (ADB) in 2010, this paper discusses how Asia’s institutional architecture for economic and financial integration is taking shape, suggesting the need to strengthen existing institutions that promote Asian regionalism and to create new ones. While the focus of the paper is on monetary and financial integration, the analysis also covers other integration pillars such as trade and investment, connectivity and infrastructure, and regional public goods. It suggests the need to create new institutions in support of Asian regionalism and to adopt a broad perspective in moving towards the formation of a region-wide economic community based on strong political commitment and grassroots participation.
Citation
Capannelli, Giovanni. 2011. Institutions for Economic and Financial Integration in Asia: Trends and Prospects. © Asian Development Bank. http://hdl.handle.net/11540/3896. License: CC BY 3.0 IGO.Keywords
Trade Finance
Risk Financing
Regional Development Finance
Public Finance
Infrastructure Financing
Financing of Infrastructure
Financial Security
Financial Intermediation
Finance And Trade
Enterprise Financing
Trade Regulation
Trade Finance
Regional Trade Agreements
General Agreement On Tariffs And Trade
Taxation
Business Financing
Investment Requirements
Capital Needs
Tax Incentives
Project Risks
Tariff agreements
Customs convetions
Import policy
Export policy
Investments
Finance
Market
Markets
Use tax
Tax administration and procedure
Taxing power
Effect of taxation
Business enterprises
Foreign trade and employment
Mentoring in business
Trade routes
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