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Erschienen in:
Introduction: Beyond Gridlock? Challenges and Prospects for Global Economic Governance Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

From Global to Regional Financial Governance? The Case of Asia-Pacific

verfasst von : Karina Jędrzejowska

Erschienen in: The Future of Global Economic Governance

Verlag: Springer International Publishing

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Abstract

The chapter presents an overview of regional financial arrangements in Asia-Pacific. It represents an attempt to “map” various forms of financial governance mechanisms in the region. In line with the analytical model deployed in this volume, the chapter addresses the relationship between global and regional institutions of financial governance. It is based on the assumption that following the Asian financial crisis and global financial crisis, multilayered financial governance structures have developed with regional financial arrangements complementing and partially substituting for global arrangements. The analytical framework of the study links the concepts of global financial governance and financial regionalism. By using Asia-Pacific as a case study the chapter provides an overview of both institutional and functional aspects of regional financial arrangements.

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Vorheriges Kapitel Protectionism as Challenges for the Global Trade Governance
Nächstes Kapitel Societal Dynamics in European Economic Governance: A Comparative Analysis of Variation in British and German Governmental Stances
Fußnoten
1
For the purpose of this study Asia-Pacific is defined as a region limited to Northeast Asia, South Asia, Southeast Asia, as well as Australasia.
 
2
Until recently the bulk of literature on regionalism in global economic governance has focused on trade-related issues. In contrast, financial cooperation on a regional basis has been relatively underdeveloped. This relative lack of interest in regional financial structures might be partially attributed to the fact that the global financial institutions—in spite of their numerous shortcomings—still represent a primary forum for intergovernmental cooperation. Another factor constitutes a rather unequal development across different regions with only Europe (or the European Union to be precise) promoting more advanced regional forms of regional financial governance (McNamara 2016: 352).
 
3
Such an approach is adopted in this chapter.
 
4
For more political and economic arguments in favor of regional financial governance see Culperer (2016).
 
5
This section constitutes a shortened and updated version of the analysis provided in Jędrzejowska (2016).
 
6
In addition to the specialized central bank organizations, since 1997 there is also ASEAN+3-based platform for central bank cooperation in the form of the meetings of central bank governors and (since 2015) meetings between monetary authorities and finance ministers.
 
7
Initiatives in Asia-Pacific include also broader framework of capital market integration coordinated by the ASEAN Capital Markets Forum (ACMF). See Tamaki (2013).
 
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Metadaten
Titel
From Global to Regional Financial Governance? The Case of Asia-Pacific
verfasst von
Karina Jędrzejowska
Copyright-Jahr
2020
Verlag
Springer International Publishing
Buch
The Future of Global Economic Governance

Print ISBN: 978-3-030-35335-3

Electronic ISBN: 978-3-030-35336-0

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-35336-0_8

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