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142. Regional Monetary Arrangements in ASEAN+3 as Insurance through Reserve Accumulation and Swaps
- Author:
- O.G. Dayaratna-Banda and John Whalley
- Publication Date:
- 04-2007
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- East Asia is witnessing the emergence of an informal monetary system which focuses on self-insurance through own reserve accumulation and co-insurance through swaps. The former is concentrated in a small number of large countries (China, Japan, and Korea), while the latter involves informal monetary cooperation among monetary authorities in a large number of countries. The origins of this system lie in the Asian financial crises, and reflect concerns both to avoid repetition of similar events and any spread of further crises through contagion effects. This paper first characterizes and documents this emerging system describing how it works and what its objectives are, and then discusses its performance, its incompleteness, and assesses the system's ability to move towards deeper integration without adopting a single monetary authority as well as the impediments it faces. What is clear is that this type of system among individual countries is incomplete and falls well short of complete monetary integration, but at present it performs well even if it experiences a number of deficiencies. Most countries seem better off with partial reserve pooling, while incremental gains from higher degrees of pooling in the region tend to be small.
- Topic:
- Development, Economics, and Regional Cooperation
- Political Geography:
- Japan, China, Asia, and Korea
143. The Rising Dragon: SCO Peace Mission 2007
- Author:
- Roger N. McDermott
- Publication Date:
- 10-2007
- Content Type:
- Working Paper
- Institution:
- The Jamestown Foundation
- Abstract:
- China's economic influence within Central Asia is undoubtedly growing rapidly, even as energy concerns and economic issues dominate the calculus behind Sino-Russian security cooperation and their engagement with Central Asia. In October 2005, at the Shanghai Cooperation Organization (SCO) Council of the Heads of State held in Moscow, Beijing revealed the extent of its geopolitical ambition in Central Asia by offering $900 million in export credits for SCO members with a 2 percent interest and repayment over 20 years. This was seen by observers as an attempt by Beijing to fund the economies of the SCO members and to create a China-led free trade zone (Xinhua, October 26, 2005).
- Topic:
- Regional Cooperation and Terrorism
- Political Geography:
- China and Asia
144. Iran-Pakistan-India pipeline: Is it a peace pipeline?
- Author:
- Abbas Maleki
- Publication Date:
- 09-2007
- Content Type:
- Working Paper
- Institution:
- MIT Center for International Studies
- Abstract:
- A major natural gas pipeline that would stretch from the fields of southern Iran to Pakistan and India—itself a remarkable prospect—is being planned. But it faces serious hurdles, not least the fierce opposition of the U.S. government.
- Topic:
- Diplomacy, Energy Policy, Regional Cooperation, and Gas
- Political Geography:
- Pakistan, United States, India, and Asia
145. A New Agreement between the EU and Russia: Why, what and when?
- Author:
- Michael Emerson, Fabrizio Tassinari, and Marius Vahl
- Publication Date:
- 05-2006
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- The 10th anniversary of the Partnership and Cooperation Agreement (PCA) between the EU and Russia, which falls on 1 December 2007, is already prompting thoughts on whether and how to replace it. This raises basic issues about the form, purpose and content of bilateral treaties in the context of an integrating Europe. The following scenarios are discussed: Retire the PCA without replacement, Extend the status quo, Extend the status quo, adding a Political Declaration on Strategic Partnership, Replace the PCA with a short Treaty on Strategic Partnership, Replace the PCA with a comprehensive Treaty on Strategic Partnership, Negotiate a Treaty of Strategic Union.
- Topic:
- International Cooperation and Regional Cooperation
- Political Geography:
- Russia, Europe, and Asia
146. Comments on China as a Regional Player
- Author:
- Edward J. Lincoln
- Publication Date:
- 01-2006
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- China ought to be able to produce a relatively high economic growth rate over at least the next decade. There are a number of problems confronting the economy, but one of the great lessons of the past half-century of world economic growth is how much growth can result even when economies have considerable institutional flaws. Economists usually speak about the need to get the “fundamentals” right to produce economic growth, but we should also keep in mind that nations need not get have a perfect set of institutions and rules to generate growth.
- Topic:
- Economics, International Trade and Finance, and Regional Cooperation
- Political Geography:
- China and Asia
147. Capital punishment and Australian foreign policy
- Author:
- Michael Fullilove
- Publication Date:
- 08-2006
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- Australia is an abolitionist country. Both the Australian Government and the Opposition are opposed to capital punishment. Australia engages in modest advocacy against the death penalty but most of Canberra's efforts are directed toward cases involving Australian citizens. These are likely continue to occur: our closest Asian neighbours retain the death penalty, and Australian nationals will probably continue to commit ciminal acts carrying this penalty. For example, the looming execution of Van Tuong Nguyen last year led to calls from Australian commentators for trade and business sanctions against Singapore, and charges of hypocrisy being levelled against Australia in the regional press.
- Topic:
- Foreign Policy, Government, and Regional Cooperation
- Political Geography:
- Asia and Australia/Pacific
148. What Do the Blind-sided See? Reapproaching Regionalism in Southeast Asia
- Author:
- Donald K. Emmerson
- Publication Date:
- 03-2005
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- The late Michael Leifer's association with an insecurity-focused realist approach to international affairs and his work on Southeast Asian regionalism inspire this question: How have the Asian financial crisis and the 'war on terror' affected the plausibility of insecurity-concerned realism compared with other ways of approaching regionalism in Southeast Asia?
- Topic:
- Security, Politics, and Regional Cooperation
- Political Geography:
- Asia and Southeast Asia
149. Facing the Terrorist Challenge - Central Asia's Role in Regional and International Co-operation - Study Groups: Regional Stability in Central Asia Security Sector Reform
- Author:
- Anja H. Ebnöther, Ernst M. Felberbauer, and Martin Malek
- Publication Date:
- 04-2005
- Content Type:
- Working Paper
- Institution:
- Austrian National Defence Academy
- Abstract:
- After the collapse of the Soviet Union the five Central Asian former Soviet Republics (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan) appeared as one region. Though it is scientifically debatable if “Central Asia” consists of only these five stat es or if others should be included as well (e.g. Afghanistan, Mongolia), my findings will basically deal with the five former Soviet Central Asian republics – sometimes, where appropriate, with references to adjacent countries.
- Topic:
- Regional Cooperation, Terrorism, and International Security
- Political Geography:
- Russia, Europe, Middle East, Mongolia, Kazakhstan, Asia, Tajikistan, Uzbekistan, and Turkmenistan
150. Prospects for Regional Free Trade in Asia
- Author:
- Gary Clyde Hufbauer and Yee Wong
- Publication Date:
- 10-2005
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Frustrated with lackluster momentum in the WTO Doha Round and the Asia Pacific Economic Cooperation (APEC) forum, and mindful of free trade agreement (FTA) networks centered on the United States and Europe, Asian countries have joined the FTA game. By 2005, Asian countries (excluding China) had ratified 14 bilateral and regional FTAs and had negotiated but not implemented another seven. Asian nations are also actively negotiating some 23 bilateral and regional FTAs, many with non-Asian partners, including Australia, Canada, Chile, the European Union, India, and Qatar. China has been particularly active since 2000. It has completed three bilateral FTAs—Thailand in 2003 and Hong Kong and Macao in 2004—and is initiating another 17 bilateral and regional FTAs. However, a regional Asian economic bloc led by China seems distant, even though China accounts for about 30 percent of regional GDP. As in Europe and the Western Hemisphere, many Asian countries are pursuing FTAs with countries outside the region. On present evidence, the FTA process embraced with some enthusiasm in Asia, Europe, and the Western Hemisphere more closely resembles fingers reaching idiosycratically around the globe rather than politico-economic blocs centered respectively on Beijing, Brussels, and Washington.
- Topic:
- Economics, International Trade and Finance, and Regional Cooperation
- Political Geography:
- United States, China, Europe, Washington, Canada, India, Beijing, Asia, Australia, Qatar, Chile, Hong Kong, Brussels, and Macao