China, regional institution-building and the China–ASEAN Free Trade Area

Chin, Gregory T.; Stubbs, Richard

doi:10.1080/09692291003762548

Cited by 51 publications

(26 citation statements)

References 26 publications

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“…The findings reconfirm the theoretical proposition in historical institutionalism that financial crises have a catalytic effect in stimulating regional innovation, as seen after the 1997-1998 Asian financial crisis (Calder and Ye 2004;MacIntyre, Pempel, and Ravenhill 2008;Chin and Stubbs 2011;Henning 2002). Capannelli's (2011) comparison of the results from the ADB surveys (in 2008 and 2010) of opinion leaders in Asia and the Pacific on the international architecture shows that Asia's opinion leaders (including government representatives) have grown increasingly in favor of further regional economic integration.…”

Section: Introductionsupporting

confidence: 73%

“…As other scholars have correctly pointed out, the current momentum behind enhanced trade regionalism is also bound up with the global level, with problems of the global multilateral trading regime, with the ongoing impasse of the Doha Round of world trade negotiations (Chin and Stubbs 2011). Regardless, indications are that "negotiated liberalization" is increasingly the preferred path for market opening.…”

Section: Rising Multilateral Activism Of the Prcmentioning

confidence: 99%

“…Asia is setting precedents for creating new regional and potentially global norms and rules, with its managed opening, and controlled liberalization via preferential trade agreements. The PRC-ASEAN Free Trade Agreement (CAFTA) reflects such an approach to trade and investment liberalization (Chin and Stubbs 2011). CAFTA is calibrated to the differing levels of development of countries in the region, and allows for controlled opening, by allowing countries to open gradually without having to face competition immediately from powerful external corporate actors.…”

Section: Rising Multilateral Activism Of the Prcmentioning

confidence: 99%

“…The PRC, Japan, Korea and some other Asian economies have amassed large foreign currency reserves, which have recently shown their value for national economic security when deployed to insulate their economies in a time of global financial volatility and currency instability (Chin 2011). Reserve accumulation is, however, inherently inefficient, and Asian authorities are increasingly aware of the need for regional solutions that are integrated with national and global initiatives.…”

Section: Rising Multilateral Activism Of the Prcmentioning

confidence: 99%

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Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization

Chin

2012

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, the Asian Development Bank (ADB), its Board of Directors, or the governments they represent, or the views of the ADB or its member countries, ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Terms of use: Documents inAsian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan AbstractThis paper examines the evolving dynamics between economic globalization and Asian regional interdependence, and asks whether and how the global financial crisis impacted Asian regionalism. The analysis suggests that the global crisis did trigger advances in regional policy cooperation from 2007 onwards, especially in the area of financial and monetary cooperation. Although the first order response of Asian countries was to join the broader global effort to contain financial freefall at the world level, there emerged a second order response at the level of regional institutional building, specifically to "multilateralize" the Chiang Mai Initiative, and to develop a regional trust fund to help strengthen Asian bond markets. This finding reconfirms the theoretical proposition in historical institutionalism that financial crises have a catalytic effect in stimulating regional innovation. At the same time, we see evolution in the pattern of Asian regionalism in two respects: first, the recent advances in Asian regionalism are being driven primarily, at this stage, by the rise of the PRC and India-although each in their own way, and to varying degrees. The current advance in regionalism also builds on momentum provided by preexisting programs of regional financial cooperation, namely the Chiang Mai Initiative, and "regional connectivity" programs that have also been championed by Japan and ASEAN countries, such as the G...

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Section: Introductionsupporting

confidence: 73%

Section: Rising Multilateral Activism Of the Prcmentioning

confidence: 99%

Section: Rising Multilateral Activism Of the Prcmentioning

confidence: 99%

Section: Rising Multilateral Activism Of the Prcmentioning

confidence: 99%

See 2 more Smart Citations

Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization

Chin

2012

SSRN Journal

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“…An emergency situation during a critical juncture provokes structural changes in historical trajectory, and makes actors concerned alter the perception of the reality and encourage them to take some action in order to respond to such emergencies. Thus, historical, structural factors and the actors' perceptions and purposeful behaviour are closely interlinked (Chin and Stubbs 2011). Importantly, the duration of the juncture is not fixed.…”

Section: Regional Institution-building Leadership and Critical Juncmentioning

confidence: 99%

Critical junctures and institution-building: regional cooperation on free trade and food security in East Asia

Yoshimatsu

2015

The Pacific Review

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This study examines conditions under which states in East Asia engage in the development of regional institutions. It assumes that crucial external events and shocks, which produce specific historical breakpoints À critical junctures À constitute a significant breakpoint at which the regional states willingly elevated a path to develop regional institutions to a new level. The analysis of the development of regional institutions for a free trade area and food stock for emergency revealed that regional states in East Asia changed their views on the evolving reality created by external shocks and such changes led to the creation of new regional institutions.

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Dragon and the Tiger Cubs

Yang¹,

Yao²

2016

The Handbook of Global Education Policy

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China, regional institution-building and the China–ASEAN Free Trade Area

Cited by 51 publications

References 26 publications

Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization

Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization

Critical junctures and institution-building: regional cooperation on free trade and food security in East Asia

Dragon and the Tiger Cubs

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