The PSU Center for Japanese Studies presents Professor William Grimes, Boston University
Despite rising tensions between China, its neighbors, and the U.S., some aspects of East Asian regional economic cooperation have continued to develop in recent years. In particular, cooperation among ASEAN+3 (Association of Southeast Asian Nations plus China, Japan, and South Korea) has grown across multiple fronts, including trade, connectivity, and finance.
This talk addresses one key element of ASEAN+3 cooperation: institutions to support regional financial stability. The mysteriously-named Chiang Mai Initiative Multilateralization and the ASEAN+3 Macroeconomic Research Office offer up to $240 billion and expert economic advice to prevent a recurrence of the 1997 Asian Financial Crisis. While addressing common interests of China, Japan, and other ASEAN+3 members, these institutions have grown and developed in the shadow of U.S.-China and Japan-China rivalry, both of which have fundamentally shaped the ways in which they are set up and operate.
This talk will show how rivalry has contributed to cooperation in this subject area, while also raising questions about how the system will work in a crisis.
William W. Grimes is Professor of International Relations and Political Science at Boston University, He has published a variety of articles and book chapters on topics including Japanese macroeconomic policymaking, the impacts of financial globalization on Japan, East Asian financial regionalism, and Japan’s relations with the United States and East Asia. His current research interests include East Asian financial regionalism, currency politics, the Transpacific Partnership, and East Asian financial regulation.