Chapter

Europe and Cooperation in East Asia

Yung Chul Park and Charles Wyplosz

in Monetary and Financial Integration in East Asia

Published in print July 2010 | ISBN: 9780199587124
Published online September 2010 | e-ISBN: 9780191723377 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199587124.003.0004
Europe and Cooperation in East Asia

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While Europe followed a sequential approach in which globalization followed regional integration, East Asia is embracing a dual approach in which both regional and global integration are pursued simultaneously. Regional integration in Europe was initiated by a small number of countries that were broadly similar but the situation in East Asia could hardly be more contrasted and diversity in size can be crippling. Europe embarked on regional integration when world trade was limited and financial markets were rudimentary outside of the US. East Asia is in a completely different situation and must choose between global and regional integration. The chapter examines four scenarios for East Asia.

Keywords: globalization; regional integration; financial markets; world trade

Chapter.  12378 words.  Illustrated.

Subjects: Financial Markets

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