Abstract
While “Asian economic cooperation and integration” has been a longstanding topic of debate in intellectual and policy arenas, there has been a particular heightening of interest in the subject over the last few years. This is for a number of reasons:1
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12 Sequencing of Regional Cooperation in Asia: The Real and Financial Dimensions
1. See R. S. Rajan (2005). “Asian Economic Cooperation and Integration: Sequencing of Financial, Trade and Monetary Regionalism”, in Asian Economic Cooperation and Integration: Progress, Prospects and Challenges, Manila: Asian Development Bank.
7. For details on the ABF, see R. S. Rajan (2008). “Monetary and Financial Cooperation in Asia: Taking Stock of Recent On-goings”, International Relations of the Asia-Pacific, 8, pp.31–45 and G. Ma and E. M. Remolona (2005). “Opening Markets through a Regional Bond Fund: Lessons from ABF2”, BIS Quarterly Review, June, pp.81–92.
9. The FDI-trade nexus is outlined by Kawai (2005). “Trade and Investment Cooperation and Integration in Asia: Empirical Evidence and Issues”, Asian Economic Cooperation and Integration, in Asian Economic Cooperation and Integration: Progress, Prospects and Challenges, Manila: Asian Development Bank.
11. See K. Forbes and M. Chinn (2004). “A Decomposition of Global Linkages in Financial Markets Over Time”, The Review of Economics and Statistics, 86, pp.705–722.
14. R. Mundell (1973). “Uncommon Arguments for Common Currencies”, in H. Johnson and A. Swoboda (eds.), The Economics of Common Currencies, London: Allen and Unwin.
15. This argument is elaborated in R. McKinnon (1963). “Optimum Currency Areas”, American Economic Review, 53, pp.717–725 and J. Frankel and A. Rose (2002). “An Estimate of the Effect of Currency Unions on Trade and Growth”, Quarterly Journal of Economics, 117, pp.437–466.
16. See P. Krugman (1993). “Lessons of Massachusetts for EMU”, in F. Torres and F. Giavazzi (eds.), Adjustment and Growth in the European Monetary Union, Cambridge, UK: Cambridge University Press and B. Eichengreen (1992). ”Should the Maastricht Treaty Be Saved?”, Princeton Studies in International Finance No.64, International Economics Section, Princeton University.
19. S. Kalemi-Ozcan, B. Sorensen and O. Yosha, (2001). “Economic Integration, Industrial Specialization and the Asymmetry of Shocks Across Regions”, Journal of International Economics, 55, pp.107–137 and S. Kalemi-Ozcan, B. Sorensen and O. Yosha (2003). “Risk Sharing and Industrial Specialization: Regional and International Evidence”, American Economic Review, 93, pp.903–918.
23. As elaborated upon by J. Frankel and A. Rose (1998). “The Endongeneity of the Optimum Currency Area Criteria”, Economic Journal, 108, pp.1009–1025.
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© 2011 Ramkishen S. Rajan
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Rajan, R.S. (2011). Sequencing of Regional Cooperation in Asia: The Real and Financial Dimensions. In: Emerging Asia. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230306271_12
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DOI: https://doi.org/10.1057/9780230306271_12
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