The Impact of Regionalism and the Role of the G20
Edited by Jehoon Park, T. J. Pempel and Geng Xiao
Chapter 6: The Global Financial Crisis and its Implications for East Asian Financial Integration
6. The global financial crisis and its implications for East Asian financial integration Pilhyun Kim 6.1 INTRODUCTION A few years have passed since the subprime crisis in 2008, which later morphed into the biggest financial crisis in history, first started to grasp media headlines. And the global economy is still suffering from its aftermath, posting only anemic recoveries around the world. Among those countries affected by this crisis, the East Asian region stands out in a sense that it went through two major financial crises in just ten years. No other region has had a similar experience. People in East Asia collectively thought that they learned a valuable lesson from the 1997 crisis. This time around, they realized, to their grief, that the talk of financial integration thereafter did not really amount to anything. A greater need for financial cooperation by building closer economic and financial ties among the East Asian countries was recognized by all but was not appreciated truly enough to materialize into concrete policy measures. There are many reasons for this failure, that range from political unwillingness to economic imbalances. However, if anything, the current crisis brought to the surface that financial cooperation and integration in East Asia can no longer be put off until the time is perfectly right. It is essential that East Asia advances its integration and cooperation process in order to secure sustained economic growth. To this aim I review, in this chapter, what damage the current global financial crisis has wreaked on...
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