Grimes and Kring Publish Article on East Asian Financial Governance
William Grimes, Professor of International Relations and of Political Science and Associate Dean for Academic Affairs at the Frederick S. Pardee School of Global Studies at Boston University, and William Kring, Assistant Director of the Pardee School’s Global Development Policy (GDP) Center, published an article in the January 2021 ( Volume 21, Issue 1) issue of International Relations of the Asia-Pacific. In it, the two discuss East Asia’s economic growth and explore why the economies of the region have not put forward new models of global financial governance.
In the article, titled “How has ASEAN+3 financial cooperation affected global financial governance?,”
Grimes and Kring 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.
An excerpt from the abstract:
In the wake of the Asian Financial Crisis, East Asia’s 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’s 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…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.
The full journal article can be read online.
William W. Grimes is Associate Dean for Academic Affairs and Professor of International Relations at the Frederick S. Pardee School of Global Studies at Boston University, where he has taught since 1996. He previously served as chair of the Department of International Relations and as the first director of the BU Center for the Study of Asia. He has also spent time as a post-doctoral researcher and as a visiting assistant professor at Harvard University. Read more about Professor Grimes on his faculty profile.