The Development and Prospects of East Asian Economic Integration
Date Issued
2011
Date
2011
Author(s)
Chang, Sheng-Feng
Abstract
ABSTRACT
World Trade Organization Doha negotiations launched in 2001 after losing to sign regional trade agreements as a regional economic integration in the mainstream model. Up to November 2010, the World Trade Organization announced effective area reached 290 trade agreements. From a regional perspective, East Asia regional trade agreements signed with 47, and most of them concentrated in 2004 after the signing.
History of regional economic cooperation in East Asia can be traced back to Japan in 1940, the Greater East Asia cooperation proposed by the 1997 outbreak of the Asian financial crisis, East Asian countries are so aware of the real importance of regional cooperation. The proportion of intra-regional trade in East Asia rising trend also shows that East Asian countries increasingly close trade ties, more future free trade agreements to lay a good foundation for economic integration. In fact, the formation of ASEAN in 2002 the ASEAN Free Trade Area, from the ASEAN plus Japan and South Korea to increase the population with a leap of gross domestic product to regional economic cooperation in East Asia can be seen after the strong economic potential. In fact, East Asia''s economic strength is no longer inferior to the European Union and NAFTA, East Asia''s economic strength also shows that East Asian regional economic cooperation in the future if it continued to deepen, the influence on the world economy will be growing.
In addition to the increasingly close trade area, the East Asian countries in the 1997 Asian financial crisis regional financial integration and realize the need for cooperation. However, East Asian countries in the currency, bond market correlation is still low, the East Asian countries in the region between the investment and debt holders have shown a low proportion of the phenomenon, most of the sources of investment and debt holdings are concentrated in the Asian region, but also that most of Asia''s capital flows to Asian countries outside. Similarly, East Asian countries in the region of cross-border bank debt, equity investments, long (short) and the proportion of the amount of bonds are also lower than the proportion of the European region and the amount. This shows the extent of the East Asian regional financial integration remains low, but probably mainly due to East Asian countries is still a high degree of financial market liberalization, monetary and exchange rate instability. Overall, the East Asian financial integration within the region there is still much room for improvement.
East Asian regional economic integration in East Asia increased influence on the world economy, but the East Asian hub for Taiwan in the international political constraints, has not been integrated into regional economic integration in East Asia. Purely from the economic data, Taiwan''s economic strength and overall competitiveness is better than many countries in East Asia, if Taiwan can participate in the East Asian economic integration, East Asian countries will be able to bring positive spillover effects for the promotion of economic prosperity and growth in East Asia will be positive contribution. Taiwan and China signed ECFA in 2010, in this basis, Taiwan should not be excluded in the East Asian regional economic cooperation. If Taiwan and mainland China because of political factors, regional economic cooperation in East Asia can not stand on the stage, the loss of not just Taiwan, East Asian countries are hoping the benefits of regional economic cooperation will be greatly reduced.
Subjects
East Asia
regional economic cooperation
economic integration
financial integration
Taiwan
Type
thesis
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