chapter  12
35 Pages

Regional fi nancial integration

Our two fi nal chapters look to the future of fi nance in Asia, a relatively positive topic at a time of considerable change and uncertainty. Not since July 1944 has the global community of nations tried to plan and integrate major changes to the prevailing international fi nancial architecture. The earlier occasion was dominated by two industrialized economies; today’s is the fi rst when several Asian states are fully part of discussions, a contrast explained in Box 12.1 . Redrawing the world’s fi nancial landscape after the fi rst fi nancial crisis of the twenty-fi rst century focuses on regulation rather than currency stability and is subject to more diverse interests and infl uence, even if the process is far from fully representative.