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| 1 |
ID:
112999
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| 2 |
ID:
092002
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| Publication |
2009.
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| Summary/Abstract |
This article explores the formation and evolution of regional institutionas in the Asia-Pacific and East Asia. Employing a historical institutionalist framework, this article institutions were created at critical junctures, precipitated by extra-region-al developments that called the legitimacy of existing institutional mechanisms into serious question. Preexisting institutions greatly shaped the institutional design of the subsequesnt regional isntitutions, revealing a path-dependent nature of institutional evolution.The timing and sequence of regional institution building is an important factor for explaining institutional change.
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| 3 |
ID:
121865
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| Publication |
2013.
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| Summary/Abstract |
Five years after the global financial crisis, the economies of the United States and the eurozone continue to struggle. How will Southeast Asian economies be affected should there be a further deterioration in conditions in the eurozone? In this paper, we present estimates using a Global Vector Autoregression (GVAR) model of the direct impacts of a further shock to the eurozone. We find that although the direct impacts are likely to be muted, it could trigger a much larger adjustment should it lead to a reassessment of risks and asset valuations. This is a real possibility given that vulnerability in the region has increased following massive inflows of capital and build-up of debt, related to successive bouts of quantitative easing in the United States initially, and now Japan. Should this happen, and with the IMF's resources already stretched, there is a pressing need to improve regional financial safety nets, which are currently unworkable, to deal with the fallout.
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| 4 |
ID:
111773
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