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- ISBN: 9780199753987 | 0199753989
- Cover: Hardcover
- Copyright: 2/3/2011
The recent global financial crisis caused alarming concerns that the world would move toward protectionism and isolationism. One fear was that tariffs and other barriers to international trade would increase, thereby reducing exports and imports of goods and services. Another was that restrictions on international financial flows might grow, thereby lowering cross-border asset holdings and amounts of foreign direct investment. Increased protectionism clearly poses threats to Asian economies, which rely heavily on external demand as an impetus to growth and are closely linked to global financial markets. To study these and related issues, this volume brings together essays that deal with time patterns in trade barriers, volumes of trade, cross-border asset holdings and flows, foreign direct investment, currency regimes, and production structures between countries. The essays emphasize developments in Asia since the early 1990s, but parts of the analysis relate to longer-term Asian history. Also, by looking back to the 1997-98 Asian financial crisis and subsequent reactions, even if it was more localized, the book provides useful information about likely responses in Asia and elsewhere to the recent crisis. Costs and Benefits of Economic Integration in Asia is an essential reference on current consensus and controversy in the debate on economic integration, particularly as applied to Asia. It is geared not only towards academics, but government officials and other policy makers, as well, as it is an authoritative analysis of important initiatives that seek to promote regional economic integration in Asia.