By Hitoshi Hirakawa (auth.), Hitoshi Hirakawa, Young-Ho Kim (eds.)
East Asia loved a job as a development heart of the realm financial system from the Sixties till the forex and fiscal concern of 1997. In 1993, the area financial institution issued a record entitled "The East Asian Miracle: monetary development and Public Policy," within which the financial institution expressed its admiration for the sector 's swift fiscal advance ment. in spite of the fact that, inside simply 4 years the zone had fallen prey to the forex and financial problem that unfold outward from Thailand. in the course of the hindrance, many East Asian nations begun in the end to cooperate with each other with the intention to focus on those unheard of problems and to avoid one other main issue. in reality, the East Asian area was once an exception through the Nineteen Nineties with re spect to regionalism. A surge of regionalism, which begun in Europe within the moment part ofthe Nineteen Eighties, unfold to North the USA and Latin the USA. in spite of the fact that, the North east Asian zone specifically, together with Japan, China (People's Republic of China), and Korea (Republic of Korea), didn't perform any form of nearby monetary preparations. neighborhood cooperation frameworks have been restricted to coun attempts belonging to the organization of Southeast Asian countries (ASEAN) and didn't unfold to the Northeast Asian region.
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Extra info for Co-design for a New East Asia After the Crisis
Paper presented at the Global Forum, Taegu, Korea (October 6-8, 1999) Hirakawa H (200 I) East Asia's currency and economic crisis and the development of regional cooperation. Economic Research Center Discussion Paper 130, Graduate School ofEconomics, Nagoya University Hirakawa H (2002) Ajia tsuuka kiki: Tonan Ajia heno inpakuto" [East Asia's currency crisis: impact on SoutheastAsia). In: Suehiro A (Ed) Iwanami kouza tonan ajia shi: Dai kyu kan (Series of the history of Southeast Asia) 9. Iwanami Shoten, Tokyo IMF [International Monetary Fund] (1998) An answer ofMr.
Newly industrializing countries in East Asia, such as Malaysia, Singapore, Korea, and Thailand, are strongly conscious of the need for such cooperation. For them, the merits and demerits of globalization are clear. What kind of obstacles are there on the path to further progress for regional integration? Figure 2 shows the intraregional export rate of economic bioes. The regional export rate of APEC is the highest at ab out 70%, 10% higher than that of the European Union. The APEC region can be recognized as having three main subregions: NAFTA, EAEC, and ASEAN.
NKS, April 12,2002]. Japan and China are eompeting for aeeess to ASEAN, and in the end, the two eountries are likely to beeome involved in region-wide East Asian eeonomie eooperation or eeonomie integration drive. This faet is of erueial importanee. H. L---;:l~---------='-------~ ....... ASEAN ........ -_'--_'--_'--_'--_'--_'-----' 1970 1980 1985 1990 1995 1996 1997 1998 1999 2000 2001 Fig. 2. Intraregional export rates oftrade bioes, 1970-2001. Source: World Bank 2003 5. 1 Regional Integration in East Asia and Japan's Problems The impact of the currency crisis and the currency union in Europe taught East Asia lessons on how best to cope with globalization.