{"id":13496,"date":"2021-02-18T08:46:45","date_gmt":"2021-02-18T13:46:45","guid":{"rendered":"https:\/\/www.bu.edu\/gdp\/?p=13496"},"modified":"2023-05-10T16:18:38","modified_gmt":"2023-05-10T20:18:38","slug":"how-has-asean3-financial-cooperation-affected-global-financial-governance","status":"publish","type":"post","link":"https:\/\/www.bu.edu\/gdp\/2021\/02\/18\/how-has-asean3-financial-cooperation-affected-global-financial-governance\/","title":{"rendered":"How has ASEAN+3 Financial Cooperation Affected Global Financial Governance?"},"content":{"rendered":"<figure id=\"attachment13504\" aria-describedby=\"caption-attachment13504\" style=\"width: 705px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" src=\"\/gdp\/files\/2021\/02\/photo-1507358522600-9f71e620c44e-636x424.jpeg\" alt=\"\" width=\"695\" height=\"463\" class=\"wp-image-13504 \" \/><figcaption id=\"caption-attachment13504\" class=\"wp-caption-text\">Bangkok, Thailand via Unsplash.<\/figcaption><\/figure>\n<section class=\"abstract\">\n<p class=\"chapter-para\">In the wake of the Asian Financial Crisis, East Asia\u2019s efforts to enhance regional financial cooperation raised the possibility of East Asia playing a more assertive role in global financial governance. However, despite the region\u2019s increased voice in governance and economic weight, East Asian financial systems and markets have mostly adapted to global norms developed in New York, London, and Washington, DC.<\/p>\n<p class=\"chapter-para\"><span class=\"al-author-name-more js-flyout-wrap\">In a <em><strong><a href=\"https:\/\/academic.oup.com\/irap\/article-abstract\/21\/1\/7\/6031044?redirectedFrom=fulltext\">2020 journal article<\/a> <\/strong><\/em>in <em>International Relations of the Asia-Pacific,<\/em>\u00a0<a href=\"https:\/\/www.bu.edu\/gdp\/profile\/william-n-kring\/\">William N. Kring<\/a> and <\/span><span class=\"al-author-name-more js-flyout-wrap\"><a href=\"https:\/\/www.bu.edu\/gdp\/profile\/william-grimes\/\">William W. Grimes<\/a><\/span> argue that the failure of East Asia to push an alternative vision of financial governance reflects both the lack of regional political unity and, more crucially, the divisions of interests both between and within key East Asian economies. Despite nearly universal regional dissatisfaction with global standards and institutions in the wake of the Asian Financial Crisis, these two factors have combined to prevent the development of a distinctive regional model that could be promoted at the global level.<\/p>\n<\/section>\n<a href=\"https:\/\/academic.oup.com\/irap\/article-abstract\/21\/1\/7\/6031044?redirectedFrom=fulltext\" class=\"button\">Read the Journal Article<\/a>\n","protected":false},"excerpt":{"rendered":"<p>In the wake of the Asian Financial Crisis, East Asia\u2019s efforts to enhance regional financial cooperation raised the possibility of East Asia playing a more assertive role in global financial governance. However, despite the region\u2019s increased voice in governance and economic weight, East Asian financial systems and markets have mostly adapted to global norms developed [&hellip;]<\/p>\n","protected":false},"author":17957,"featured_media":13504,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66,156,77,144],"tags":[725,683,684,675,687,685,530,682,151,686,681,439],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/13496"}],"collection":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/users\/17957"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/comments?post=13496"}],"version-history":[{"count":22,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/13496\/revisions"}],"predecessor-version":[{"id":24272,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/13496\/revisions\/24272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/media\/13504"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/media?parent=13496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/categories?post=13496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/tags?post=13496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}