Diplomacy of East Asian Financial Integration, 1997–2009

概要

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Deepening globalization necessitates nation states to work together. Even a super power cannot live in isolation today without drastically lowering the standard of living of its own people. The financial and economic crisis of 1997–8 harshly reminded East Asian nations of such common knowledge. Since then, they have shared the idea that regional financial cooperation would be increasingly indispensable if the IMF's assistance would fail to be swift, sufficient, and appropriate. This paper examines how close East Asian nations have come to reaching the goal of the necessary regional financial integration since the crisis. Diplomacy toward regional financial cooperation in the past 10 years will be traced especially concerning initiative, leadership, rivalry, and mediation within and outside East Asian nations. The paper also pays attention to the roles of forums in guiding direction and achieving compromise. Finally the efforts of East Asian governments will be evaluated through the criterion of how much they have institutionalized regional financial cooperation. In short, the paper clarifies to what extent regional financial cooperation was politically feasible along with its economic rationality.