Comments on: The financial crisis and East Asia http://www.eastasiaforum.org/2009/07/26/the-financial-crisis-and-east-asia/ Economics, Politics and Public Policy in East Asia and the Pacific Sun, 12 Feb 2012 22:50:38 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Lincoln Funghttp://www.eastasiaforum.org/2009/07/26/the-financial-crisis-and-east-asia/comment-page-1/#comment-45420 Lincoln Fung Mon, 27 Jul 2009 02:06:54 +0000 http://www.eastasiaforum.org/?p=5987#comment-45420 While what Guy de Jonquieres says may be true, there seems to be a big difference between the Asian case and other cases, that, there has no clear regional governance mechanism or structure formally in place. In the EU or Eurozone cases, the main causes for lack of policy coordination or mutual assistance may be that the region lacked the financial capacity as a result of the financial and economic crisis, as opposed to other things. While in the Asian case, they had the capacity to do something, but the lack of clear governance structure or consensual agreements was more likely to be the cause of inaction. The geopolitical issues for regional influences, especially Japan’s attitude (see “The rise of China: the impetus behind Japanese regionalism” by Takashi Terada earlier on in the EastAsiaforum), have made Asia’s regional institutions building more complex. Asia needs to overcome geopolitical rivalry within itself and builds truly cooperative regional bodies to advance its welfares. While what Guy de Jonquieres says may be true, there seems to be a big difference between the Asian case and other cases, that, there has no clear regional governance mechanism or structure formally in place.

In the EU or Eurozone cases, the main causes for lack of policy coordination or mutual assistance may be that the region lacked the financial capacity as a result of the financial and economic crisis, as opposed to other things.

While in the Asian case, they had the capacity to do something, but the lack of clear governance structure or consensual agreements was more likely to be the cause of inaction.

The geopolitical issues for regional influences, especially Japan’s attitude (see “The rise of China: the impetus behind Japanese regionalism” by Takashi Terada earlier on in the EastAsiaforum), have made Asia’s regional institutions building more complex.

Asia needs to overcome geopolitical rivalry within itself and builds truly cooperative regional bodies to advance its welfares.

]]> By: Guy de Jonquiereshttp://www.eastasiaforum.org/2009/07/26/the-financial-crisis-and-east-asia/comment-page-1/#comment-45343 Guy de Jonquieres Sun, 26 Jul 2009 22:01:19 +0000 http://www.eastasiaforum.org/?p=5987#comment-45343 Wendy: Everything you say is true of Asia. However, most of it is also true of the US and Europe. How much policy co-ordination or mutual assistance has there been transatlantically, or even within the EU and the Eurozone? The answer is very little: every government has responded to the crisis with its own particular measures: QE in the US and UK, reliance on additional bank lending in Germany. The Czech Republic, while in he EU presidency, derided the fiscal stimulus packages decided by some other EU members as "the road to hell". And so on. And as for weaning economies off export-led growth, at least Asian countries are talking about it. Germany doesn't even acknowledge it has a problem. This crisis may have shown up the absence of regional institutions in Asia: in Europe, it has demonstrated their limitations. Wendy: Everything you say is true of Asia. However, most of it is also true of the US and Europe. How much policy co-ordination or mutual assistance has there been transatlantically, or even within the EU and the Eurozone? The answer is very little: every government has responded to the crisis with its own particular measures: QE in the US and UK, reliance on additional bank lending in Germany. The Czech Republic, while in he EU presidency, derided the fiscal stimulus packages decided by some other EU members as “the road to hell”. And so on. And as for weaning economies off export-led growth, at least Asian countries are talking about it. Germany doesn’t even acknowledge it has a problem. This crisis may have shown up the absence of regional institutions in Asia: in Europe, it has demonstrated their limitations.

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