Publisher's Synopsis
Waging Cooperation in Asia: A Balanced View towards Regional Integration provides an in-depth analysis of economic integration in Asia. Being open and particularly dependent on trade with G-2, the Asian economy should have suffered greatly during the Great Recession. Yet, the region has performed remarkably well. The strength of domestic demand is only a part of the explanation. The other important part is rising economic integration, featured by, among others, growing intra-Asian trade and trade between Asia and other emerging market economies. This book argues that this trend is likely to continue even with the G-2 recovery, because it can provide better opportunities for a more balanced and sustainable development.The book also explains why regional integration should be viewed in a balanced way: it provides benefits and opportunities, but also costly and carries some risks. Given the free flows of capital in the current global economic uncertainty, regional cooperation in the provision of financial safety nets is particularly highlighted.
