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E ast A sian F inancial Regionalism and the Politics of Global Financial Governance: Structural and Institutional Power in Global and Regional Governance
Author(s) -
Choi Ji Young
Publication year - 2013
Publication title -
pacific focus
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.172
H-Index - 12
eISSN - 1976-5118
pISSN - 1225-4657
DOI - 10.1111/pafo.12016
Subject(s) - hegemony , corporate governance , regionalism (politics) , legitimacy , economics , financial crisis , politics , global governance , finance , political science , financial system , law , democracy , keynesian economics
The A sian F inancial C risis in 1997–1998 and the mishandling of the crisis by the International Monetary Fund ( IMF ) and the United States catalyzed the rise of E ast A sian financial regionalism. In spite of skepticism, region‐wide financial arrangements in E ast A sia have continually evolved and a new multilateral financial lending facility in the region was finally launched. However, the financial lending facility in E ast A sia is still linked to the IMF , a global institution, and has significant limits in its capacity. In the wake of the G lobal F inancial C risis, mounting criticism resurfaced against the IMF 's legitimacy and effectiveness, but its reform process has been sluggish and its outcome remains uncertain. My argument here is that the limits of E ast A sian financial regionalism and the slow and uncertain reform process of the IMF , which is the linchpin of global financial governance, are attributed to the path‐dependent nature of the structural and institutional power of the United States. This study aims to show that power is an integral element of global and regional governance, and global structures and institutions, originally created by a hegemonic state, can have long‐lasting effects even though the hegemon is in decline.