This book examines China’s response to the Asian financial crisis of 1997, both in its immediate aftermath and in the years since. The crisis caused turmoil throughout Asia’s economies, and precipitated wholesale reform of economic and financial policies and institutions across the region. As one of Asia’s largest economies, China responded to the crisis more successfully than many others, avoiding devaluation of its currency, whilst undertaking financial reform, restructuring state-owned enterprises, rural development, and social security systems. This book considers all of these issues, showing how the lessons drawn from the crisis have helped shape China’s policies of liberalisation and market-orientated reform, including its attitude towards globalisation and the outside world in general. Based on research conducted by the China Development Research Foundation, one of China’s leading think-tanks, this book includes contributions from senior policy makers in the Chinese government and some experts participating directly in the government’s policy-making process to assess the effects generated by the country’s related policies, making it an indispensable account of China’s own thinking on its response to the financial crisis.

One of the apparent contradictions which has puzzled observers of East Asian politics is why, despite the region's considerable economic integration, economic governance institutions remain largely underdeveloped. This book stems from the observation that the study of actual forms of economic governance in Asia has been impeded by the dominance of a ‘regionalism’ problematique. Scholars have focused on the emergence – or not – of regional multilateral institutions, seeking to evaluate these institutions’ capacities to enforce disciplines on Asian states. However, they have also neglected prior, and more pertinent, questions regarding the causal determinants of regional economic governance, which animate the contributions to this collection: What factors shape the scale and instruments of economic governance in Asia; and how and why is economic governance being rescaled between the sub-national, national and regional levels? In the chapters of this book, the contributors explore the social and political struggles over the scale and instruments of economic governance. They identify and explain the emergence of a wide variety of regional modes of economic governance, explain the factors shaping the spatial scale of economic governance in Asia, and discern the patterns of regional integration to which they give rise. This book was originally published as a special issue of the Australian Journal of International Affairs.

The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the con¬trast between Asia’s performance during the more recent crisis with its performance during its own crisis and the gap between what the United States and European Union leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabili¬zation policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must. Contributors include Simon Johnson, William R. Cline, Joseph E. Gagnon, Stephan Haggard, Masahiro Kawai, Peter Morgan, Donghyun Park, Arief Ramayandi, Kwanho Shin, Edwin M. Truman, Shahin Vallee, Changyong Rhee, and Lea Sumulong

In a systematic study of the political economy of East Asia, Cai adopts an historical perspective alongside a contemporary focus, exploring East Asia's development since the late 19th century. Following similar paths to economic development, East Asian states have achieved economic success, integrating themselves into a regional economy.

Located in the center of Asia with one of the largest land frontiers in the world and 14 neighbors whose dispositions could not easily be predicted, China has long been obsessed with security. In this handbook, an internationally renowned team of contributors provide a comprehensive and systematic analysis of contemporary thinking about Chinese national security. Chapters cover the PRC's historical, ideological and doctrinal heritage related to security, its security arrangements and policies targeting key regions and nations of the world, the security aspects of the PRC's ground, air, sea, space and cyber forces, as well as the changing and expanding definition and scope of China's security theory and practice.

Jayasuriya looks at the changing global and domestic political economies shaping the new regionalism in Asia, and examines the relationship between regional domestic, political and economic structures and forms of regional governance. Well-known contributors in the field focus on the impact of globalization on Asian regionalism, new security challenges, monetary cooperation, sovereignty, democratization, industry policy and China's engagement with southeast Asia. Providing a detailed overview of the conceptual foundations of regional governance, this text is an indispensable resource for all who want to understand the emerging dynamics of regionalism in the Asia Pacific.

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.

The Routledge Handbook of Banking and Finance in Asia brings together leading scholars, policymakers, and practitioners to provide a comprehensive and cutting-edge guide to Asia’s financial institutions, markets, and systems. Part I provides a country-by-country overview of banking and finance in East, Southeast, and South Asia, including examples from China, Japan, Hong Kong, India, and Singapore. Part II contains thematic chapters, covering topics such as commercial banking, development banking, infrastructure finance, stock markets, insurance, and sovereign wealth funds. It also includes examinations of banking regulation and supervision, and analyses of macroprudential regulation, capital flow management measures, and monetary policy. Finally, it provides new insights into topical issues such as SME, green, and Islamic finance. This handbook is an essential resource for scholars and students of Asian economics and finance and for professionals working in financial markets in Asia.

The Routledge Handbook of Asian Regionalism is a definitive introduction to, and analysis of, the development of regionalism in Asia, including coverage of East Asia, Southeast Asia and South Asia. The contributors engage in a comprehensive exploration of what is arguably the most dynamic and important region in the world. Significantly, this volume addresses the multiple manifestations of regionalism in Asia and is consequently organised thematically under the headings of: conceptualizing the region economic issues political issues strategic issues regional organizations As such, the Handbook presents some of the key elements of the competing interpretations of this important and highly contested topic, giving the reader a chance to evaluate not just where Asian regionalism is going but also how the scholarship on Asian regionalism is analysing these trends and events. This book will be an indispensable resource for students and scholars of Asian politics, international relations and regionalism.