Globalization and Regional Cooperation in East Asia

  • Hitoshi Hirakawa
Conference paper


Since the 1990s, the acceleration of globalization has changed the structure of regional economies and is giving rise to a new world economic framework through intensifying the volatility of world financial flows. The region of East Asia enjoyed economic development as an international center of growth through the first half of the 1990s. However, in the second half of the decade, the region was hit by an economic crisis. Then, seeming to have returned to a growth track for a while, economic activity became sluggish. At present, East Asian countries are embarking to varying extents upon difficult structural reforms. Furthermore, there are additional complicating factors, such as the influence of the terrorist attacks of September 11, 2001, in the United States, and the admission of People’s Republic of China (China) to the World Trade Organization (WTO) in November of the same year. Thus, East Asia faces the problem of forming a new international economic and political order in the region.


World Trade Organization Hedge Fund East Asian Country Free Trade Agreement Regional Cooperation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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© Economic Research Center, Graduate School of Economics, Nagoya University 2004

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  • Hitoshi Hirakawa

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