This book takes account of the global financial crisis from Asian perspectives, considering Asian responses to the crisis via two key arenas – regionalism in Asia and the G20. The expert contributors – both Asian and Western – illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of 'middle' powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development. Written with a uniquely multidisciplinary approach, this book will prove a fascinating read for a wide-ranging audience encompassing academics, students, researchers and policymakers in a number of fields including Asian studies, economics, public policy and regional studies.

The Enduring Legacies of the Global Financial Crisis in East Asia challenges the assumption that the global financial crisis had a limited structural impact on East Asian political economies, arguing that the crisis has led to a significant, if uneven, reorganization of major national political economies within the region where, in response to the crisis, states have promoted domestic processes of financialization as a means of stimulating their economies. The major East Asian economies, bar Japan, enjoyed strong recoveries from the 2008–2009 financial crisis. However, this success has been achieved by promoting domestic processes of financialization to maintain demand – more precisely, the rapid build-up of household debt (Malaysia, Korea, Taiwan, China) and asset price bubbles (China, Japan). In short, East Asia has employed precisely those practices that the global financial crisis itself illustrated the unsustainability of, to maintain growth. Using a post-Keynesian framework, the book argues that the dependency on these forms of financialization to support demand is a direct product of a failure to address the issue of inequality. High levels of inequality slow the growth of non-debt-based domestic consumption. An alternative approach to supporting demand in the post-crisis period would need to focus on progressive redistribution through strengthening of labour rights and systems of social support, which would directly challenge the interests of economic and political elites. The structural vulnerabilities that accelerated financialization is creating in East Asia demonstrate the necessity of a post-Keynesian growth strategy based on redistribution and curbing financialization. The book also argues that in certain Northeast Asian economies the crisis has led to a consolidation of systems of industrial activism/state control, which could have occurred without accelerated financialization, and vice versa. This book will be of great interest to students and scholars of political economy and Asian studies.

Discusses the current global financial crisis with views from experts in finance. The report hopes to contribute to analysis of the crisis, its implications for ASEAN and what ASEAN can do about it.

This book provides an analysis of the global economic crisis from an Asian perspective. It examines the impacts of the policy measures adopted, the remaining challenges in rebalancing the global economy, the next steps in regional economic integration in Asia, and issues related to reform of the international financial architecture.

This book examines China's response to the 2007-2008 global financial crisis, and the resulting new status acquired by China within the international economy. It considers the things China did to weather the crisis, discussing the stimulus package put in place by China and how China's banks coped, but above all examines the measures which countries outside China look to China to put in place in order to better encourage and secure world-wide economic recovery, measures such as currency revaluation, tax reform and greater stimulation of domestic demand. The book contrasts China's response to the crisis, and China's increasingly central role in the world economy, with the responses of the European Union. The book also assesses China's increasingly important regional role, in particular its dialogue with the new Japanese government, and China's positioning towards Southeast Asia, and also discusses the growth of Chinese foreign direct investment.

The current financial crisis provides a valuable occasion for the world to re-examine the grand statements of wisdom which dominate the financial world for a long time. The impact is extremely serious as a result of the convergence of a number of factors such as huge current account deficits of the United States, globalization, deregulation, loose monetary policy, and excessive liquidity. This book seeks to address the critical issues in deregulation, derivatives, leveraging, remuneration systems, and rating agencies. This book will also examine Asia's response and why Asian economies have been less affected by the global financial crisis. Are corporate governance, culture, management styles or even a state-led model the main reasons? Would the Asian sovereign funds help to be the last line of defense against the excesses of the crisis? Is the US$80 billion Asian crisis fund envisaged as the first instance of a coordinated East Asian response to the crisis and would this truly underpin the creation of an East Asian regional order? This book reaffims the need for banks and financial institutions to provide value-adding services, exercise prudence and due diligence and pay due regard for societal interest.

The Handbook provides a comprehensive range of contributions on the relations between the EU and Asia - two regions undergoing significant changes internally yet also developing stronger relations in the context of an emerging multi-polar world. It collates some 40 contributions from various disciplines by contributors from throughout the world.

Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.

The respective legal frameworks that control central banks are shaped by whether they are market oriented or government controlled. However such stark distinction between these two categories has been challenged in view of the varying styles of crisis management demonstrated by different central banks during the crisis. This book uses comparative analysis to investigate how the global financial crisis challenged the role played by central banks in maintaining financial stability. Focusing on four central banks including the US Federal Reserve System, the Bank of England, the Bank of Japan and the People's Bank of China, it illustrates the similarities between the banks prior to the crisis, and their similar policy responses in the wake of the crisis. It demonstrates how each operated with varying levels of independence while performing very differently and facing different tasks. The book identifies some central explanatory variables for this behavior, addressing the mismatch of similar risk management solutions and varying outcomes. Central Bank Regulation and The Financial Crisis: A Comparative Analysis explores the legal challenges within central bank regulation presented by the global financial crisis. It emphasizes the importance of, and the limitations involved in, legal order and argue that in spite of integration and globalization, significant differences exist in central banks' approaches to risk management and financial stability.

In a single generation, the rise of Asia has precipitated a dramatic sea change in the world’s economic and political orders. This reconfiguration is taking place amidst a host of deepening global predicaments, including climate change, migration, increasing inequalities of wealth and opportunity, that cannot be resolved by purely technical means or by seeking recourse in a liberalism that has of late proven to be less than effective. The present work critically explores how the pan-Asian phenomenon of Confucianism offers alternative values and depths of ethical commitment that cross national and cultural boundaries to provide a new response to these challenges. When searching for resources to respond to the world’s problems, we tend to look to those that are most familiar: Single actors pursuing their own self-interests in competition or collaboration with other players. As is now widely appreciated, Confucian culture celebrates the relational values of deference and interdependence—that is, relationally constituted persons are understood as embedded in and nurtured by unique, transactional patterns of relations. This is a concept of person that contrasts starkly with the discrete, self-determining individual, an artifact of eighteenth- and nineteenth-century Western European approaches to modernization that has become closely associated with liberal democracy. Examining the meaning and value of Confucianism in the twenty-first century, the contributors—leading scholars from universities around the world—wrestle with several key questions: What are Confucian values within the context of the disparate cultures of China, Japan, Korea, and Vietnam? What is their current significance? What are the limits and historical failings of Confucianism and how are these to be critically addressed? How must Confucian culture be reformed if it is to become relevant as an international resource for positive change? Their answers vary, but all agree that only a vital and critical Confucianism will have relevance for an emerging world cultural order. An electronic version of this book is freely available thanks to the support of libraries working with Knowledge Unlatched, a collaborative initiative designed to make high-quality books open access for the public good. The open-access version of this book is licensed under Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0), which means that the work may be freely downloaded and shared for non-commercial purposes, provided credit is given to the author. Derivative works and commercial uses require permission from the publisher.