Regional Integration in East Asia : Challenges and Opportunities, Part 2. Trade, Finance, and integration

Sakakibara, Eisuke ; Yamakawa, Sharon

World Bank, Washington, DC

关键词: ACCESS TO INFORMATION;    AVERAGE TRADE;    CAPITAL ACCOUNT;    CAPITAL MARKET;    CAPITAL MARKETS;   

DOI  :  10.1596/1813-9450-3079
RP-ID  :  WPS3079

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors analyze the patterns of EastAsia's trade and foreign direct investment (FDI) from aglobal and intraregional perspective, taking into accountthe importance of trade and FDI interlinkages. They proposetwo regionally-focused approaches to promoting trade and FDIin East Asia-regional agreements and regional productionnetworks. The East Asia crisis strengthened appeals forregional cooperation in the financial area. As a result, anumber of financial arrangements and initiatives haveemerged since the crisis, the most prominent of these, theChiang Mai Initiative. (The Association of Southeast AsianNations plus China, the Republic of Korea, and Japan decidedat their meeting in Chiang Mai, Thailand, in May 2000, toestablish a regional network of swap arrangements.) Whileopening of the capital account is considered desirable inthe long run, it is associated with considerable risk,particularly if macroeconomic policies are not sound andfinancial supervision and regulation is weak. Because of thepotential volatility associated with floating regimes andthe desire to avoid another crisis in the region, theauthors discuss a number of options.