Deepening regionalism in Europe and ASEAN – the role of an economic constitution

Abstract

The article examines the creation of an internal market in Europe and Southeast Asia from the perspective of constitutional economics. It assesses whether the success or failure of a regional integration process depends on the quality of the economic constitution that is chosen by participating countries, that is, on the set of rules and institutions, which bind the actions and transactions of operators within a jurisdiction and towards the operators of other jurisdictions. The article commences with an overview of the analytical instruments of constitutional economics in order to evaluate the success of a regional agreement on the basis of the ‘quality’ of its economic constitution. It then examines internal market creation in the EU and the Association of Southeast Asian Nation (ASEAN). The article concludes that it is the commitment to the implementation of a social contract that determines the successful establishment of a single market

Time Varying Asian Stock Market Integration

“…It is important to not forget that the economic and political reform agenda undertaken was also aimed at ensuring that the harsh economic consequences of the Asian Financial Crisis were not repeated. And there was no other region that pursued this agenda more passionately than the Asia-Pacific (Park and Lee, 2011;Murray and Orcalli, 2012).…”

Europe–Asia Studies

“…Which elites within the member states drive the regional integration agenda and at what costs? What bargains, trade-offs and compensations are evident in the design of an economic community, for example (Murray and Orcalli, 2012)? How might these differ from the bargains struck in a security or political community?…”