Asian Economic and Financial Integration in Global Framework

Reflecting the diversity of economies and their histories, regional integration follows markedly different patterns across the world. In Asia, trade integration has progressed at a rapid pace, based on the exploitation of intra-regional comparative advantages. This book analyzes the nature of Asia's merging regionalism, which can have a significant impact in an increasingly globalized world. Regionalism can be a stabilizing factor when economic shocks arise, whether regional-based or externally-imposed. The book examines these global economic and monetary integration processes. What is the status of Asian integration in monetary, financial, trade, and production networks? These aspects are discussed and compared with successful European economic and monetary integration. To give a more extensive view to the readers, separate chapters have been included on the North American Free Trade Agreement, Latin America's Mercado Commum de Sur, and the African Economic and Monetary Integration. The book will benefit students, researchers, policy makers, and all others who want to understand and assess the status, processes, and challenges of economic and monetary integration.