Trauma To Triumph: Rising From The Ashes Of The Asian Financial Crisis


Book Description

This book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.




Redefining Strategic Routes to Financial Resilience in ASEAN+3


Book Description

Rapid globalization and digitalization have transformed the financial landscape of ASEAN+3—the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea. Despite impressive reforms, the region faces continued challenges. These include deepening corporate bond markets, coping with cross-border bank concentration risk, reducing dependence on the United States dollar, achieving sustainable infrastructure investments, addressing pension issues, and supporting fintech development. This edited volume highlights the potential for stronger regional financial cooperation to address such challenges. It explores how regional financial cooperation could promote greater financial resilience and stability amid rapid economic and financial development and technological change.




The Elgar Companion to the Asian Development Bank


Book Description

Providing an authoritative yet accessible introduction to the Asian Development Bank (ADB), this comprehensive Companion offers a detailed examination of the ADB’s objectives, policies, development outcomes, strengths and weaknesses, areas for reform, and challenges going forward.




From Centralised to Decentralising Global Economic Architecture


Book Description

This book focuses on the recent rise of new regional economic institutions such as the Chiang Mai Initiative Multilateralisation, the Asian Infrastructure Investment Bank, and the Regional Comprehensive Economic Partnership, which were established, in part, as a result of dissatisfaction of dynamic emerging markets with global economic institutions such as the IMF, the World Bank, and the GATT/WTO. The latter were formed by advanced economies in the West, after the historic Bretton Wood Conference of 1944. In doing so, the book addresses how this recent round of decentralisation, defined as the co-existence of “senior” global institutions and a plethora of newly-established regional institutions, has affected global economic governance, and the delivery of global public goods. It also poses the question if this has led to the fragmentation of global economic governance. The book adds value to existing literature by using a benefit-risk analytical framework to study the decentralisation process. Unlike the “contested multilateralism” argument used by some authors which focuses on the costs of decentralisation, the authors argue that benefits must also be considered. It also describes and analyses the establishment of global and regional international economic institutions and the evolving relationships between the two. Third, the authors argue that this decentralisation process will continue in the postpandemic period and recommend policies to reset the relationship between global and regional institutions. And lastly, the book discusses proposals to reform the international monetary system including the global reserve system with a view to reducing the hegemony of the US dollar. Throughout the book, the role for Asia is also identified, and elaborated on.







The Korean Popular Culture Reader


Book Description

Over the past decade, Korean popular culture has become a global phenomenon. The "Korean Wave" of music, film, television, sports, and cuisine generates significant revenues and cultural pride in South Korea. The Korean Popular Culture Reader provides a timely and essential foundation for the study of "K-pop," relating the contemporary cultural landscape to its historical roots. The essays in this collection reveal the intimate connections of Korean popular culture, or hallyu, to the peninsula's colonial and postcolonial histories, to the nationalist projects of the military dictatorship, and to the neoliberalism of twenty-first-century South Korea. Combining translations of seminal essays by Korean scholars on topics ranging from sports to colonial-era serial fiction with new work by scholars based in fields including literary studies, film and media studies, ethnomusicology, and art history, this collection expertly navigates the social and political dynamics that have shaped Korean cultural production over the past century. Contributors. Jung-hwan Cheon, Michelle Cho, Youngmin Choe, Steven Chung, Katarzyna J. Cwiertka, Stephen Epstein, Olga Fedorenko, Kelly Y. Jeong, Rachael Miyung Joo, Inkyu Kang, Kyu Hyun Kim, Kyung Hyun Kim, Pil Ho Kim, Boduerae Kwon, Regina Yung Lee, Sohl Lee, Jessica Likens, Roald Maliangkay, Youngju Ryu, Hyunjoon Shin, Min-Jung Son, James Turnbull, Travis Workman




Regulatory Cycles: Revisiting the Political Economy of Financial Crises


Book Description

Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.




The Far Right Today


Book Description

The far right is back with a vengeance. After several decades at the political margins, far-right politics has again taken center stage. Three of the world’s largest democracies – Brazil, India, and the United States – now have a radical right leader, while far-right parties continue to increase their profile and support within Europe. In this timely book, leading global expert on political extremism Cas Mudde provides a concise overview of the fourth wave of postwar far-right politics, exploring its history, ideology, organization, causes, and consequences, as well as the responses available to civil society, party, and state actors to challenge its ideas and influence. What defines this current far-right renaissance, Mudde argues, is its mainstreaming and normalization within the contemporary political landscape. Challenging orthodox thinking on the relationship between conventional and far-right politics, Mudde offers a complex and insightful picture of one of the key political challenges of our time.




Cascades of Violence


Book Description

As in the cascading of water, violence and nonviolence can cascade down from commanding heights of power (as in waterfalls), up from powerless peripheries, and can undulate to spread horizontally (flowing from one space to another). As with containing water, conflict cannot be contained without asking crucial questions about which variables might cause it to cascade from the top-down, bottom up and from the middle-out. The book shows how violence cascades from state to state. Empirical research has shown that nations with a neighbor at war are more likely to have a civil war themselves (Sambanis 2001). More importantly in the analysis of this book, war cascades from hot spot to hot spot within and between states (Autesserre 2010, 2014). The key to understanding cascades of hot spots is in the interaction between local and macro cleavages and alliances (Kalyvas 2006). The analysis exposes the folly of asking single-level policy questions like do the benefits and costs of a regime change in Iraq justify an invasion? We must also ask what other violence might cascade from an invasion of Iraq? The cascades concept is widespread in the physical and biological sciences with cascades in geology, particle physics and the globalization of contagion. The past two decades has seen prominent and powerful applications of the cascades idea to the social sciences (Sunstein 1997; Gladwell 2000; Sikkink 2011). In his discussion of ethnic violence, James Rosenau (1990) stressed that the image of turbulence developed by mathematicians and physicists could provide an important basis for understanding the idea of bifurcation and related ideas of complexity, chaos, and turbulence in complex systems. He classified the bifurcated systems in contemporary world politics as the multicentric system and the statecentric system. Each of these affects the others in multiple ways, at multiple levels, and in ways that make events enormously hard to predict (Rosenau 1990, 2006). He replaced the idea of events with cascades to describe the event structures that 'gather momentum, stall, reverse course, and resume anew as their repercussions spread among whole systems and subsystems' (1990: 299). Through a detailed analysis of case studies in South Asia, that built on John Braithwaite's twenty-five year project Peacebuilding Compared, and coding of conflicts in different parts of the globe, we expand Rosenau's concept of global turbulence and images of cascades. In the cascades of violence in South Asia, we demonstrate how micro-events such as localized riots, land-grabbing, pervasive militarization and attempts to assassinate political leaders are linked to large scale macro-events of global politics. We argue in order to prevent future conflicts there is a need to understand the relationships between history, structures and agency; interest, values and politics; global and local factors and alliances.




America's Role in Nation-Building


Book Description

The post-World War II occupations of Germany and Japan set standards for postconflict nation-building that have not since been matched. Only in recent years has the United States has felt the need to participate in similar transformations, but it is now facing one of the most challenging prospects since the 1940s: Iraq. The authors review seven case studies--Germany, Japan, Somalia, Haiti, Bosnia, Kosovo, and Afghanistan--and seek lessons about what worked well and what did not. Then, they examine the Iraq situation in light of these lessons. Success in Iraq will require an extensive commitment of financial, military, and political resources for a long time. The United States cannot afford to contemplate early exit strategies and cannot afford to leave the job half completed.