Author: Pascha, Werner

Source: The Pacific Review, Volume 20, Number 3, September 2007 , pp. 423-446(24)

Publisher: Routledge, part of the Taylor & Francis Group

Abstract:

Regional financial arrangements and monetary integration in East Asia and Europe have made considerable progress in recent years. This paper discusses whether governments in both regions, Japan and Germany as the most advanced regional economies in particular, can use the new dynamics as levers to raise their status vis-à-vis the United States. It will be argued that activities are defensive rather than offensive, aiming at protecting the respective region from financial risk. Japan, in particular, would find it difficult to raise its status vis-à-vis the United States significantly by promoting regional financial and monetary integration, principal reasons being actor heterogeneity, the role of China, hesitation to bear burden and risk, and the historical legacy of a bank-oriented system.

Keywords: Regional financial and monetary integration; East Asia; Japan; Europe; Germany; United States

Document Type: Research article

DOI: http://dx.doi.org/10.1080/09512740701461553

Affiliations: 1: East Asian Economic Studies, Duisburg-Essen-University, Duisburg, Germany

Publication date: 2007-09-01

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