Whither financial regionalism among ASEAN+3

Having experienced a major crisis in 1997-98, several regional cooperative arrangements in finance were designed by ASEAN+3 to mobilize collective responses to cope with major financial crises. While the current global financial crisis poses a serious challenge to the adequacy of existing regional m...

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Main Author:	Chin, Kok Fay
Format:	Article
Language:	English
Published:	Penerbit UKM 2011
Online Access:	http://journalarticle.ukm.my/3362/ http://journalarticle.ukm.my/3362/ http://journalarticle.ukm.my/3362/1/Chin%2520Kok%2520Fay%252038%2520%282%29%2520%28December%25202011%29.pdf

id	ukm-3362
recordtype	eprints
spelling	ukm-33622016-12-14T06:34:26Z http://journalarticle.ukm.my/3362/ Whither financial regionalism among ASEAN+3 Chin, Kok Fay Having experienced a major crisis in 1997-98, several regional cooperative arrangements in finance were designed by ASEAN+3 to mobilize collective responses to cope with major financial crises. While the current global financial crisis poses a serious challenge to the adequacy of existing regional mechanisms and institutions for crisis prevention and management, it provides a good opportunity for ASEAN+3 countries to press for more legitimacy of the global financial arrangements. In the absence of an effective global solution, the West now place their hope in the key member states of the ASEAN+3 collective action to mitigate the severity of the impending global recession. Can ASEAN+3 rise to the expectation? In view of the magnitude of the crisis as well as weaknesses of the existing regional financial cooperation, it remains to be seen what impact the current global financial turmoil would have on financial regionalism between ASEAN and the ‘plus three’ countries - China, Japan and South Korea. Whether an effective global solution is emerging is the central issue and one which will determine the future direction of East Asian financial regionalism. This further raises the question of whether financial regionalism is still relevant. An attempt is made in this article to address these issues. Penerbit UKM 2011-12 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/3362/1/Chin%2520Kok%2520Fay%252038%2520%282%29%2520%28December%25202011%29.pdf Chin, Kok Fay (2011) Whither financial regionalism among ASEAN+3. Jebat: Malaysian Journal of History, Politics and Strategic Studies, 38 (2). pp. 45-59. ISSN 2180-0251 http://pkukmweb.ukm.my/jebat/v2/
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Kebangasaan Malaysia
building	UKM Institutional Repository
collection	Online Access
language	English
description	Having experienced a major crisis in 1997-98, several regional cooperative arrangements in finance were designed by ASEAN+3 to mobilize collective responses to cope with major financial crises. While the current global financial crisis poses a serious challenge to the adequacy of existing regional mechanisms and institutions for crisis prevention and management, it provides a good opportunity for ASEAN+3 countries to press for more legitimacy of the global financial arrangements. In the absence of an effective global solution, the West now place their hope in the key member states of the ASEAN+3 collective action to mitigate the severity of the impending global recession. Can ASEAN+3 rise to the expectation? In view of the magnitude of the crisis as well as weaknesses of the existing regional financial cooperation, it remains to be seen what impact the current global financial turmoil would have on financial regionalism between ASEAN and the ‘plus three’ countries - China, Japan and South Korea. Whether an effective global solution is emerging is the central issue and one which will determine the future direction of East Asian financial regionalism. This further raises the question of whether financial regionalism is still relevant. An attempt is made in this article to address these issues.
format	Article
author	Chin, Kok Fay
spellingShingle	Chin, Kok Fay Whither financial regionalism among ASEAN+3
author_facet	Chin, Kok Fay
author_sort	Chin, Kok Fay
title	Whither financial regionalism among ASEAN+3
title_short	Whither financial regionalism among ASEAN+3
title_full	Whither financial regionalism among ASEAN+3
title_fullStr	Whither financial regionalism among ASEAN+3
title_full_unstemmed	Whither financial regionalism among ASEAN+3
title_sort	whither financial regionalism among asean+3
publisher	Penerbit UKM
publishDate	2011
url	http://journalarticle.ukm.my/3362/ http://journalarticle.ukm.my/3362/ http://journalarticle.ukm.my/3362/1/Chin%2520Kok%2520Fay%252038%2520%282%29%2520%28December%25202011%29.pdf
first_indexed	2023-09-18T19:38:34Z
last_indexed	2023-09-18T19:38:34Z
_version_	1777405436559884288

Whither financial regionalism among ASEAN+3

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